Tuesday, May 24, 2011

Crude Oil Completed a Dead Cat Bounce? 5/24 7:55AM CST

The following 60 min chart (zoomed and normal) shows that crude has gotten to the top of it's bearish channel (magenta). There is also a confluence of fib levels at this point as well (99.30). Per my last crude post, I would close half of the long here, and drag the stop to breakeven. Target of 101.45 for the rest. 101.50-102.50 should provide significant resistance to this rally. Personally I would sell it. (See previous posts on long term bearish crude thoughts).

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