Crude Oil Technical Update - Still Very Little Buying Interest

The crude oil market has now held above 64.00-65.00 weekly chart support for the past 4 sessions but can’t seem to find much buying interest.

The January contract fell by .57 on Thursday settling at 66.81 and is down again in today’s early trade as it retests weekly chart support.

This support is roughly between Monday’s 63.72 spike low extending up to 65.00.  If this support fails to hold, 58.00-59.00 will become the next downside objective.

69.50-70.50 is primary resistance which coincides with the 10 day moving average at 70.25.  As long as the January contract trades under the 10 day average, the trend will remain down.

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