The crude oil market remains locked in a sideways range that now enters into its ninth day of trade.
The spot October 14 contract has had several breakout attempts over the past 2 days but has not been able to move above resistance at the lower-94.00 area. It topped out at a 94.35 high on Tuesday followed by a 94.24 high on Wednesday. A breakout and close above 94.25-94.45 resistance would likely indicate the market trend has turned back up.
The 200 day moving average currently at 96.40 would become the next upside objective if the breakout above lower-94.00 resistance occurs.
Support over the past 8 days has been slowly rising beginning at the 92.50 low set last week but coming in between 93.36-93.45 over the past two days.
If 92.50 support is broken, the 91.24 spot contract low for 2014 will become the next downside support.
Technical Indicators: Moving Average Alignment – Neutral-Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index – Bullish (turned higher yesterday)
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