The Nymex crude oil futures market bulls have produced a solid rebound from the early-September swoon and have pushed back above $40.00 a barrel. There is strong chart resistance at the summertime high that will be tough for the bulls to push prices above. More likely is a choppy and sideways trading range between the support and resistance lines seen on the chart. Importantly for raw commodity bulls is the fact that crude oil, the sector leader, is not trending lower. Lower-trending crude oil would be a bearish anchor on most raw commodity markets. Stay tuned!– Jim
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