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Oil Reaches New Recovery Highs


Wednesday May 10th, 2006
Oil Reaches New Recovery Highs
by Mike Paulenoff www.MPTrader.com
Today's strength has popped oil to new recovery highs at $72, off of Monday's corrective low at $68.25. My work continues to "warn" me that the current upmove represents a new upleg that should retest the April high of $75.35 on the way to $77-$78. Only a sudden plunge that breaks $68.25 will damage the otherwise still-bullish intermediate-term outlook.

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