The November 14 crude oil contract on Wednesday was able to rally off support at the 80.00 level to close the day nearly unchanged settling at 81.78, down 6 cents.
Yesterday’s recovery was short-lived as sellers have come back in overnight briefly dropping the November contract below the 80.00 level with a current 79.78 low.
With 80.00 support broken, the next downside support from the weekly chart is a 77.28 low set in June 2012 followed by 74.95-75.71 which were weekly lows from Fall 2011.
The mid-70.00 area has been a weekly low support area dating back to 2010. There is a good chance this area may be a price level the market stabilizes, at least temporarily, after a near free fall from the June price highs.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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