Crude Could Correct Further
06/25/2009 9:36 am EST
The August crude oil contract has pulled back from its highs at 73.90, and on a break below 65.80, could test the converging support in the 62-63 area. This corresponds to the 50- and 200-day MAs and the 38% support. Longer-term support is at $58. Positive weekly analysis indicates that this is just a correction within an overall uptrend.