Crude oil prices traded flat for a second day on Monday holding just above the 17-month low set last week.
Today’s expiring November 14 crude oil contract remains in a bearish downtrend but has stabilized at least temporarily at the lower-80.00 area. A drop yesterday reached an 81.55 mid-day low but the market rallied back toward unchanged by the close with the November contract settling at 82.71, down 4 ticks.
81.55 is the first area of support today followed by last week’s 79.78 low. Longer term support from the weekly chart is at 77.28, a low from June 2012.
The 10 day moving average at 83.95 today if primary resistance. A breakout above this average could be an early signal the market has bottomed.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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