The September 14 crude oil contract was finally able to
break under both 200 day moving average as well as weekly low support in
Thursday’s session resulting in a sell off to the lowest price level since
mid-March
The September contract lost 2.01 (2%) on Thursday closing
the session at 95.58.
The longer term trend for the market has now turned
down with Thursday’s 95.26 followed by 94.34-94.50. Longer term support
from the weekly chart is at 91.00-92.00.
Former support broken yesterday now becomes resistance the
first level being the former weekly low at 96.55 followed by the 10 and 200 day
moving averages which have converged at 97.10.
Technical Indicators: Moving Average Alignment –
Neutral-Bearish
Long Term Trend Following Index – BearishShort Term Trend Following Index - Bearish
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