Crude Oil Uptrend in Doubt

12/22/2009 12:01 am EST


Thomas Aspray

, Professional Trader & Analyst

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In October, the weekly OBV confirmed the highs in crude oil, but since then, crude has declined as the OBV has dropped below its WMA and its uptrend. The daily OBV is also negative, suggesting that the current bounce will fail below the resistance in the 76-78 area. There is key support now in the 65-68 area.

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