Crude Oil Attempting To Bottom At $40

January Crude Oil futures are trading higher by $0.42 at $40.36 in Thursday's session. The contract is attempting to mount a sustained rally for the $40 area. On August 24, the contract bottomed at $39.65 and and was over $50 within five trading sessions, with a majority of the gains taking place on the last three days of the rally (on a closing basis of $40.50 to $51.10). Crude Oil may be in the process of a similar technical set-up. On Wednesday. it bottomed at $39.84 and settled at $39.94. In Thursday's session it bottomed at $40.07, but has not been able to reach the $41 handle, peaking so far at $40.87.