Could Crude Be Bottoming?

02/26/2009 9:32 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

chart

The decline in crude oil from last summer's highs has been so relentless that many of the bulls have given up. The weekly RSI shows the formation of a positive divergence, and further gains over the next week could complete an intermediate-term bottom. For the April contract, resistance is at $48-$50, with support at $37.

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