A very small two day rally by today’s expiring January 15 crude oil contract turned back lower just under 10 day moving average resistance on Thursday.
The ensuing sell off from resistance dropped the January contract to a 54.11 daily settle, down 2.36 or 4.1%.
The primary trend remains down with 16-year weekly chart trend line support between 45.00-47.00 being the initial downside objective for this current downtrend.
The next level of support under the recent 53.60 low is at 50.00-50.50
The 10 day moving average at 58.30 will remain resistance upcoming trade. As long as the market trades under the 10 day average, the trend will remain down.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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