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OPINION

Oil Gushing

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.

Crude oil was down significantly at the start of the year and then went into another leg of freefall. Last month, however, it held at a key support point (forming a double bottom) and has been gaining momentum ever since. While double bottom chart formations often serve as great buy signals, double tops often send the exact opposite signal. There is a fair amount of resistance from here to $40.00. A breakout through there would have many -including myself- looking for $50.00.

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Of course, crude oil is down a lot from its all-time high that wasn’t too long ago but non-precious metals have been hammered much more and they are now staging a rebound. The biggie today is iron ore staging a monster rally on news that China has ambitious growth goals and that means a pickup in demand (more ghost cities anyone?).

This rally is very convincing and seems to be more than a long overdue bounce.


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