Crude: Volume Still Negative

01/13/2009 1:03 pm EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

chart

Despite the recent bounce in crude oil, the weekly volume analysis using the OBV (on-balance volume) is still negative. It dropped below its WMA the week of July 27th (see arrow) and is still making lower lows. Next good support in the $28-$32 area. There is strong resistance now in the $50-$55 area.

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