After falling to a new 2014 low at 75.84 on Tuesday, the December 14 crude oil contract has spent the following two days in sideways consolidation.
The December contract was lower throughout nearly most of Thursday’s session losing .77 to close at 77.91.
The primary trend remains down with trend line support drawn under recent lows currently at 77.50 being the first area of support today. A drop under 77.50 would turn the 75.84 weekly low into the next primary support.
74.00-75.00 is an important support level on the weekly chart. A drop under 74.00 would turn 70.00 into the next downside support.
The 10 day moving average and former triangle trend line support are now resistance at the 79.75-80.00 level. A close back above 80.00 would turn the near term trend back higher 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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