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Thursday, December 14, 2006

Crude Oil Futures Trade Key

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Buy Crude oil Futures at 61.50/70 with a stop below 61.20. Target 63.60
Traders Awaiting for the OPEC meeting press conference later in the day but even if we could have some short term disappointment for the timing of the cut, technical and fundamentals are bullish. Its preferable to buy on weakness.

The Rally shall help the precious Metals.
Gold is trading steady at the same levels, correcting itself for a Massive Rally upwards very soon. Technically its developing. 3rd wave have taken long, however we are still in Bullish Channel.
With 622 Levels intend to grow a nice support And 615 Short term support.
Resistance at the moment is 631 with up ahead we see 650.
Target is at 680 levels, as gold shall gradually push higher, as a Rally is being developed.

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