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December Crude Oil Forming Reversal Top

James Hyerczyk, The Pattern, Price & Time Report

Published 10/16/2009 - 10:35 a.m. EST

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James Hyerczyk

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The strong run in December Crude Oil appears to be ending based on today's early trading action.

After posting a strong gain this week, today's action in December Crude Oil is indicating a possible closing price reversal top. Currently this market is set up for this pattern. Watch for a close under 78.08 to signal weakness into next week. .

If a closing price reversal top is formed then watch for the start of a correction back to 72.10 to 70.55 over the nearterm.

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