Crude oil and those speculators

Market Pulse: Dec. 13, 2010

Crude oil and those speculators

Last week January 2011 crude opened at 89.44 and closed the week at 87.79. Technically, the bulls look to have short term control (see the daily chart below), but we are at the psychological number $90. Current second resistance is at 90.41 and second support is at 86.31. With China refraining from a rate increase over the weekend, (many "experts" thought we would see it) it may give more momentum to the bulls. It will in other commodities.

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