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March 24, 2006
Oil Holds Support
Oil rose sharply yesterday. The move is enough to solidify support around 60 and keep the long-term uptrend alive. The advance since February looks like a rising flag (consolidation), but it is still rising with higher highs and higher lows. It would take a move below 59 to break flag support and signal a continuation of the Jan-Feb decline. Barring a support break and trend reversal, higher prices are expected with resistance at 70.
Posted by Arthur B. Hill at March 24, 2006 06:44 AM