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Light Crude
Oil - Continuous Contract
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January 17, 2007
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Last Trade
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$52.24
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52-Week High
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$77.74
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52-Week Low
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$50.28
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Commentary:
The recent
weakness in oil prices has brought about many questions of when with the
declines will come to an end. As you can see from the chart below, oil
prices have moved sharply lower since the highs made in mid 2006, and we
think that this downward momentum will continue. The long-term trendline,
which we've drawn on the chart, will be used by many traders to suggest
that the bears may not rest until they push the price down toward the
support near $45.
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Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor
Previous Chart Alerts:
QQQQ
OXY
QQQQ
INTU
QQQQ
INTL
EBAY
BJ
ECA
GYI
GM
WMB
AMZN
PCAR
WMT
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