The trend for the December 14 crude oil contract may be on the verge of turning back higher following today’s breakout above 10 day moving average resistance.
After a lower start on Tuesday, the December contract rallied back higher into the close settling the day at 81.42, up .42.
If the December contract can hold above the 10 day moving average at the 81.65 level today, it would be the first daily close above this average since late-September.
The next upside resistance levels now become previous daily highs at 83.15 and 84.00-84.10. Longer term resistance is the 40 day moving average currently at 87.70.
If the December contract falls back under 10 day moving average support at 81.65, the primary trend will remain down with following support at the 79.44 weekly low and the 79.10 low set two weeks ago.
Technical Indicators: Moving Average Alignment – Neutral-Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bullish
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