Crude Strong for the Week
03/20/2009 2:49 pm EST
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.