Crude Oil Giving Back Gains For The Week

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

Crude Oil futures are trading lower by $2.30 at $44.90 in Friday's session, At this time it attempting to end the week $1 higher than last Friday's close of $44.30. After making a high on Wednesday at $47.65, it rallied to $48.10 on Thursday before falling back to close at $47.20. In the after hours session, it peaked just above the close at $47.34 and began to decline. So far, the contract has breached Wednesday's low ($44.76) and is attempting to stabilize. If the decline continues,there may not be any identifiable support until Tuesday's low of $44.22