Tuesday, December 12, 2006

Crude Oil

Here is an hourly chart of January crude oil futures. I last commented on this market here.

You can see that the market is putting in a wide range down bar almost entirely below the 61.50 support level. I think this means that January crude is headed down to 57.50. However, I do not think that the market will go much lower than that I from there I will be expecting a rally back to the top of the current trading range.

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