Tuesday, May 30, 2006

Crude Oil

Here is an hourly chart showing pit and electronic trading in July crude oil futures. I last commented on this chart here.

The market has hit 72.80 resistance after completing a three phase rally. I think this means that it is headed back down again and should reach the 66.00 level before another significant rally develops.

1 comment:

Anonymous said...

Great call on crude prices! Your timing was impeccable. I expect the drop in oil prices to lead to a rally in stocks.