No change in the technical outlook for today’s expiring December 14 crude oil contract which remains in a steady downtrend. A brief uptick in Wednesday’s session was quickly sold back down with the December contract settling the day at 74.58, down 3 ticks.
73.25 which was a 4-year spot price low set last week has now held as support the past three sessions. A drop under 73.25 would turn weekly lows at 69.50-70.50 and 64.00-65.00 into the next longer term support levels.
The 10 day moving average which held as resistance on Tuesday’s failed rally attempt is at the 76.05 today. Longer term resistance 79.10-80.00 followed by the 40 day moving average at 82.00.
Bottom line – Crude oil remains in a relentless downtrend which currently shows no technical sign of bottoming.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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