Friday September 17, 2010 - 01:49:02 GMT
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Crude Oil Continues Slide on Light Volume
November Crude Oil continued to slide lower on Thursday on
light volume. Demand for higher risk assets was down contributing to the
The biggest factors driving crude oil prices lower are the
slowing economy and oversupply issues.
Technically, the main trend is up on the daily chart unless
the last swing bottom at 74.24 is violated.
In the meantime, the market is making a 50% correction of
the 71.49 to 78.86 range. This price is at 75.18. A slow uptrending Gann angle
is at 75.49, forming a loose support cluster with the 50% price.
Donâ€™t be surprised by a technical bounce at this cluster,
triggered by fresh buying or short-covering.
A failure to hold the cluster and form another higher bottom could trigger
a further decline to the .618 level at 74.31.
It would be nice if there was some volume on the test of the
cluster to give it a little goose higher, but it is what it is at this time.
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