November 19 2008

Crude Oil First Downside Target Reached; Market Less Volatile As Investors Await US CPI and FOMC Minutes

Oil reached our first target of 53.69 (100% projection of 147.27 to 90.51 from 110.45) and continued to trade lower Wednesday. Although oversold condition and loss of momentum might lead to a brief rebound, bearish outlook in short and medium has not changed.
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