Crude Gaps Lower

09/02/2008 12:00 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

October crude oil violated key support at $112.50 in early trading and has been as low as $105.46 early Tuesday. Close on the lows last Friday was a sign of weakness. This suggests a drop below $100 with next good chart support in the $97 area. There is now strong resistance in the $115-120 area.

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