Light Crude Futures (CL #F) Analysis for 08.12.2007

Monthly chart shows possible 5 waves up into slightly higher high. The $78 - $79 area is strong resistance for now.

The weekly chart shows the double top more clearly.

The Daily chart shows price to be below the 34ema. Early buyers tried to take price up on both Thursday and Friday. IF buyers show up early next week, THEN look for the .382 fib level as the initial upside tgt as there is much resistance there.