Crude Oil Technical Update - Retest Of Tuesday's Low As Support Expected In Upcoming Trade

Crude oil prices on Wednesday closed up for the first time in 5 sessions with the spot December 14 gaining 1.49 to settle at 78.68.

The primary trend remains down although the market did hold above key support at the 74.00-75.00 area after bottoming out Tuesday at a 75.84 low.

Tuesday’s low should be retested in upcoming trade.  A drop under 74.00-75.00 would turn 70.00 into the next longer term support.

Former triangle trend line support and the 10 day moving average both near 80.00 is primary resistance today.  A close back above 80.00 could signal a near term and possibly long term low is in place.

Technical Indicators:  Moving Average Alignment – Bearish
                                         Long Term Trend Following Index – Bearish
                                         Short Term Trend Following Index - Bearish