Crude Oil Struggling to Bottom

04/29/2009 1:40 pm EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

chart

June crude oil pushed up to resistance in the $55-$56 area in late March but has since drifted lower. The chart appears to show a consolidation pattern that should have an upward resolution, which would be positive for stocks. Fibonacci and chart resistance is at $65, and key support is now in the $45-$47 area.

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