Upside strength in the crude oil market continue to be heavily sold keeping the market in a very bearish downtrend.
The spot December 14 contract at one point on Tuesday was trading .80 higher on the day. But sellers took over soon after dropping the contract into close losing 1.03 to settle at 74.61.
The 73.88 overnight low is the first area of support today followed by the 73.25 low set last week.
Longer term support from the weekly chart is at 69.50-70.50 and 64.00-65.00.
The 10 day moving average which held again as resistance yesterday is at 76.40 today. The 10 day moving average has been primary resistance the past 6 weeks. A close back above this average could indicate a near term 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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