Time of Truth for Crude Oil - Mid-Day Minute for Wed November 1st 2006

Nov 01

Time of Truth for Crude Oil

by Mike Paulenoff, Wed November 1st, 2006

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The time of truth for crude oil prices. If yesterday's end-month plunge to a new reaction low at $57.02, followed by a potential upside reversal to this morning's high at 59, is a significant low, then the current decline should hold support in the 57.80/50 area prior to the emergence of another powerful rally that takes out 59 on the way towards the top of the October price channel (61-62).

Conversely, inability for oil prices to hold 57.80/50, followed by a decline that breaks and sustains beneath yesterday's low at 57.02, will be considered extremely negative on a near-term basis, and will point to 55 next.

Chart

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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