No relief for longs in the crude oil market which continues to plummet to new multi-year lows.
The January 15 contract which has now closed down 9 out of the past 12 sessions lost another 2.88 or 4.5% on Wednesday settling at 60.94.
The next support levels from the weekly chart at 58.00-59.00 followed by 54.00-55.00. Longer term support is a 16-year trend line on the weekly chart at the 45.00-47.00 area. This is the same trend line at which the crude oil market bottomed in 2008 at a 32.40 low.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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