The October 14 crude oil contract traded sharply lower in early trade on Monday coming within .20 of last week’s 90.43 low. But as support hold, the trend reversed back higher into the close with the October contract settling at 92.92, up .65 for the day.
The 10 day moving average which held as resistance for a third day on Monday keeps the market trend down and is at the 93.10 level today. A breakout and close above this average would turn the near term trend back higher with the 40 day moving average currently at 95.60 then becoming the next upside resistance.
Lows posted over the past week between 90.43-90.63 will remain primary support. A drop under 90.43 and the 88.69 low set in early-January will become the next downside objective.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bullish
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