An early rally attempt on Wednesday by the December 14 crude oil contract stalled at 10 day moving average resistance topping out at a 83.15 early morning high.
As resistance held, the market tipped back lower into the close with the November contract losing 1.97 (2.3%) to settle at 80.52.
The trend remains down with the current overnight low of 80.05 being the first area of support followed by last week’s 79.10 low. A drop under 79.10 support would turn the 77.28 weekly low from June 2012 into the next downside support.
The 10 day moving average is primary resistance today at 82.20. A breakout above this average and Tuesday’s 83.26 weekly high could be an indication a market low is in place.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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