Lots of air below if crude does not hold the lows and double bottom. 57.75 would be a given on a break of 58.125 and if that does not hold, 56.50 is next. Below that, a big gap from 2005 looms at 51.95/54.50. That's a long way from here and for now, let's focus on the day to day and watch for bullish divergences on any lower low followed by a bounce with volume. Resistance is 58.65, 59.25 and 59.50.
This entry was posted
on Monday, October 30, 2006 at 6:08 PM.
