After spiking down to a new 7-month low of 91.80 in early trade on Monday, the October 14 crude oil contract rallied back higher into the close settling at 92.66, down .63 for the day.
Daily settle on Monday back over 92.50 support is a bullish indicator heading into today’s trade. The 10 day average at 94.05 will be the first upside resistance followed by former weekly highs between 95.80-96.00.
A breakout above 96.00 followed by the 40 and 200 day moving averages which have converged at the 96.50-96.65 area is needed to turn the longer term trend back higher.
The lower end of the past 3 week trading range at 92.50 again becomes support followed by Monday’s 91.80 low. Longer term support is the current 2014 spot contract low of 91.24 posted last January.
Technical Indicators: Moving Average Alignment – Neutral-Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bullish
No comments:
Post a Comment