I previously suggested buying oil was a good trade idea here. Given my new stance on the stock market, I still think it is. Here is a daily chart for the December contract, January 2010 - today:
The recent rally in oil reached an upside target obtained using the Fibonacci retracement levels. It will probably correct from here (red segment) along with the stock market and then start rising again. The next target on the upside is 92.
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