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11/5/2009 9:19:00 AM
Crude Oil Acting Well

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January crude oil corrected from the highs at $82.58 but has again turned higher. The upside breakout last month was forecast by the OBV. The OBV still looks positive as it is acting stronger than prices. Next Fibonacci projection target is at $85.30 with long-term resistance at $90. Good support at $75-$77.50.
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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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