Crude oil prices held mostly steady in Monday’s session as the December 14 contract fell slightly lower settling at 75.64, down .16.
With 74.00-75.00 weekly low support broken last week, the primary market trend remains down.
Last Friday’s 73.25 low which was a new 4-year spot contract low for crude oil is the first area of support today followed by 69.50-70.50.
Longer term support areas are weekly lows from 2009-10 at the 64.00-65.00 level.
The 10 day moving average which has been key resistance the past 6 weeks is the first area of resistance today at 76.90 followed by 79.00-80.00. Longer term resistance is the 40 day moving average currently at 82.80.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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