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Oil Price Moves Toward Support

Well, early this morning when I was writing the earlier post about oil, it was apparent oil was going to pull back today and I thought it would head toward the $43 area – I just didn't expect it to happen all in one day.

This is typical of the past several months in this market and you'd think such a move wouldn't surprise me. Go figure.

We are at the level I thought we might see a turn higher, now, given the volatility, I'd say support may more likely be at the blue line instead of a bit higher. We'll see. As long as we hold support at that blue line, investor psychology will continue to be positive.