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Is Crude’s Rebound Over?

07/29/2009 10:09 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

chart
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September crude oil has rallied throughout the past two weeks and tested resistance at $69 before closing lower on Tuesday. Momentum appears to have topped, but a lower close today would confirm. First chart and retracement support lies just below $60, with stronger support in the $54-$56 area. Longer-term analysis is still positive.

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