The January 15 crude oil contract traded down to a new 5-year low in the overnight session and is down 38% from the contract high set in June.
Much of the selling in last week’s trade came during the combined Thursday and Friday’s session’s when the January contract lost 7.54 or just over 10% settling Friday at 66.15. For the week, the contract was down 10.36 or 13.5%.
The market fell down to a 63.72 overnight low but has since traded back toward unchanged. The next support under the overnight low from the weekly chart is 62.70 with longer term support between 58.00-59.00 from July 2009.
The crude oil market is in a collapse not seen since 2008 when the market fell from a 147.27 high set in July down to a 32.40 low by December.
The Commitment of Trader’s report has been delayed until today’s close due to the Thanksgiving holiday.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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