The December 14 crude oil contract traded lower in yesterday’s early trade but bounced back into the close gaining .54 to settle at 77.40.
Yesterday’s 76.42 low held above the 75.84 low set last week as support which may have been part of the reason for late day strength.
The trend remains down as the market works on 74.00-75.00 weekly low support. If broken, 70.00 and 64.00-65.00 will become the next longer term support levels.
The 10 day moving average which held as resistance two times this week is the first area of resistance today at 78.50 followed by the lower-80.00 area. A close back over this former support area at 80.00 would be a bullish signal possibly indicating a market low has been set.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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