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Crude Oil to $150, Then Major Correction?

Posted on May 22, 2008

As everyone knows, crude oil prices have been rocketing higher. It seems inevitable to me at this point that we will hit $150/barrel on the futures. Often when everybody guesses and discusses that a stock or index will hit a key round-number level, it becomes a self-fulfilling prophecy in a way. The sentiment and speculative aspects of market prices will drive that security to that key level.On that note, examine the long-term Crude Oil Futures Cash (CL1600) monthly chart (click to enlarge image):...

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crude , oil futures , speculative