After spiking down to a new 2014 spot contract low in early on Thursday, the October 14 crude oil contract rallied back higher into the close gaining 1.16 to settle at 92.83.
The 10 day moving average at 93.50 today held as resistance on yesterday’s high and has held again in the overnight session. A rally and close above the 10 day average would turn the near term trend back higher with 95.80-96.00 weekly highs then becoming the next upside resistance.
If resistance holds, the primary trend will remain down with 91.80 and the 90.43 low set on Thursday being the first downside support levels. Longer term support is the 88.69 low set last January.
Technical Indicators: Moving Average Alignment - Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bullish
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