Crude Oil Reverses

07/01/2009 9:54 am EST


Thomas Aspray

, Professional Trader & Analyst

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Crude oil was up sharply in early trading on Tuesday, but then reversed to close lower amid heavy volume. This is consistent with a further correction. The weekly analysis is positive, while the daily RSI formed a slight negative divergence at the recent highs and then broke support. Good chart and retracement support is now in the $60-$62.50 area.

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