Crude Strong for the Week

03/20/2009 2:49 pm EST


Thomas Aspray

, Professional Trader & Analyst


Crude looks ready to close the week 10% higher on strong volume. The June contract is up almost 30% from the lows, and the weekly technical studies suggest that a bottom is in place. The downtrend was broken in February. Currently, next resistance is at $60, with further resistance at $65 (23.6%). The 38% retracement resistance is at $85.

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