I decided to throw in an early chart of QM January (crude oil e-mini futures). I was going to do this update over the weekend, but we could be close to an inflection point. The chart shows channel support and a fib projection right at 58. The problem is that I don't see any pivot convergences there, so we might not hit it. Weekly S2 is at 58.40, which is what we had as support for the December contract not long ago. There is a chance we overrun it, so lookout for the area between 58 and 58.40. A close below 58 sets up a possible drop to 56.60 (remember, this is the January contract, December already hit that figure). If 58 holds, they could make a run next week. Chart
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on Friday, November 17, 2006 at 11/17/2006 12:45:00 AM.
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