The October 14 crude oil contract traded higher for most of the session on Tuesday but fell back toward unchanged by the close settling at 94.75, up 9 ticks.
Yesterday’s rally stalled at a 93.94 intraday high holding just under 10 day moving average resistance. Failure to close above the 10 day average keeps the market trend bearish with 92.50 being the first area of support followed by Monday’s 91.80 low.
Longer term support is the 91.24 spot contract low set last January followed by the 88.69 contract low.
The 10 day moving average at 93.85 today is the first area of resistance followed by the 40 and 200 day moving averages between 96.40-96.50. The 10, 40 and 200 day moving averages are now in a bearish alignment.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bullish
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