The December 14 crude oil contract rallied off 80.00 support on Thursday but stalled for a third time this week below 10 day moving average resistance.
The December contract gained 1.57 in Thursday’s trade settling at 82.09.
The 10 day moving average at 81.95 today has held as resistance on the daily high which has led to renewed selling pressure in early trade. Yesterday’s 80.05 low is the first area of support today followed by the 79.10 low set last week.
A drop under would keep the downtrend intact turning a 77.28 weekly low from June 2012 into the next downside support.
A rally and close above the 10 day moving average at 81.95 followed by the 83.26 weekly high would likely signal a low is in place for the market.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
No comments:
Post a Comment