Crude Oil Down 13% in Past Week

07/08/2009 12:55 pm EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

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On July 1st I discussed the negative reversal in crude oil and crude has dropped over 13% quickly reaching our target zone at $60-$62.50 and the 200 day MA. The 50% retracement support is at $59.30 with further targets in the $54-$56 area. Would expect a 1-2 day rebound before the lower targets are reached.

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