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10/8/2009 1:26:00 PM
Crude Oil Breakout Ahead?

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Crude oil has been in a broad trading range since June and in a downward-sloping range over the past six weeks. Crude is strong today (October 8) and two hours before the close is up $2. The On Balance Volume (OBV) has already broken out to the upside, so crude should move to the $77 area, if not higher. Learn more about the OBV in this recent Trading Lesson.
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Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com Video Network. He was originally trained as a biochemist but began using his computer expertise to analyze the financial markets in the early 1980s. Mr. Aspray has written widely on technical analysis and has given over 60 presentations around the world. Many of the technical indicators that Mr. Aspray wrote about in the 1980s, such as the MACD, have since gained worldwide acceptance.

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