The October 14 crude oil contract was unable to clear lower-95.00 resistance which held the previous two sessions resulting in a sell off back lower on Thursday.
The October contract nearly erased all the early week gains in yesterday’s session losing 1.35 (1.4%) to settle at 93.07.
The 10 day moving average at 93.05 today has been broken in early trade. The next downside support now becomes 92.50. A close below the 10 day average and 92.50 today would turn the near term trend back down with following support at the 90.43-90.63 lows set over the past two weeks.
The lower-95.00 level remains primary resistance with the 40 day moving average currently at 95.10. As long as the October contract trades below the 40 day average, the longer term trend will remain down.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bullish
Short Term Trend Following Index - Bullish
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