My near- and intermediate-term work argues that crude oil prices have ended the November-December recovery rally from $55.40 to $61.90, and are now rolling over into a retest of critical near-term support at $59.00, which if violated should trigger downside acceleration that presses towards yet another test of critical intermediate-term support at $55.70/.40. Only an upside thrust above $61.90 will invalidate my expectations for near-term weakness.

MJP 12/15/05

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