Crude oil prices held steady on Monday following heavy selling in last week’s trade with the spot November 14 contract settling at 85.74, down 8 ticks for the session.
The market remains weak as the November contract consolidates above the 83.59 low set last week. A drop under this low would turn 82.10 and 77.28 which was a weekly low from June 2012 into the next downside support levels.
Resistance for today is at 85.60 and 86.29. A breakout above 86.29 would turn the 10 day moving average at 88.05 into the next longer term resistance.
As long as the November contract trades below the 10 day average, the near term trend will remain down.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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