A Low in Crude?

11/05/2008 10:00 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

chart

Crude oil closed with strong gains Tuesday on strong volume, suggesting that a short-term low is in place. The Demand Index formed a positive divergence and is very close to breaking its downtrend. The weekly analysis is still negative, but a rally to the $82 area and even $88-$90 is possible.

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