Crude Oversold?

08/13/2008 12:00 am EST


Thomas Aspray

, Professional Trader & Analyst

Since breaking its uptrend in mid-July, September crude has continued to decline. The 200 day MA and the long term uptrend support is in the $108-110 area. On a short term basis crude is becoming oversold so a rebound is likely but it should fail below $125-130.

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