Crude—Next Support at…

11/19/2008 9:50 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart

The daily technical studies several weeks ago suggested a short-term low might be forming, but we never got the rally to confirm the divergences. The long-term weekly chart shows the next band of support is in the $41.50 to $49.00 area, which goes back to 2004, and then 1989! Some of the oil stocks are starting to do a bit better, however, which is encouraging.

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