Crude hit the first level of resistance outlined on Wednesday at 124.50. Actually, to be a little more precise, it's 124.75, 23.6% projection April. Following that guideline (the only one we have since we are in uncharted territory) we have 38.2% at 127.70. Support is the 5 dma, currently at 122.65. But for now, oil bulls should have a bit of a struggle with the 124/125 level. At least we hope so.
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on Thursday, May 08, 2008 at 5/08/2008 10:07:00 PM.
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