Friday, July 07, 2006
Here is an hourly chart showing pit and electronic trading in August crude oil futures. I last commented on crude oil here.
Crude oil has been locked in a trading range extending from its April 21 high of 75.35 to its May 17 low at 67.80. I still think that the market is likely to drop below the low of this range before it breaks above the high significantly. Even so, I am watching to see if we get a close above the 75.35 level. If this happens I will look for the rally to entend to 78.00 or so.