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A Look at Crude Oil
posted Oct 31, 2005 at 06:29PM

Daily Crude Oil Chart

Three Year Crude Oil Chart

Weekly Crude Oil Chart

A move down to the 200 dma should see oil in a great technical buy (i.e. oversold) position.

Oil should remain in its bull market barring a complete economic collapse. Shoulder season is coming to an end and the emotional froth from the hurricanes has been worked off. However pre-hurricane production levels have not returned to normal as of yet.

As well COT data shows that the commercials continue to be in a net long position.

Crude Oil COT Data

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