Crude Reaches Monthly Support

12/30/2008 12:01 am EST

Focus: STOCKS

Thomas Aspray

, Professional Trader & Analyst

chart

Crude oil dropped below $40 in December and has reached support going back to 1999-2000 and the monthly uptrend. Volume has been declining over the past few months, but there are still no signs that the decline is over. First strong resistance is in the $55-$60 area.

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