The crude oil market remains technically weak but has been consolidating over the past 3 sessions above 64.00-65.00 weekly chart support.
The January 15 contract held in a fairly narrow 1.43 daily price range on Wednesday closing the session up .50 to settle at 67.38.
64.00-65.00 extending down to Monday’s 63.72 spike low remains primary support in upcoming trade. A drop under 63.72 would turn 58.00-59.00 into the next longer term support.
69.50-70.00 is the first resistance area followed by the 10 day moving average at 71.15. As long as the January contract trades under the 10 day average as it has since late-October, the bears will remain in control. A close back over this average could be an early indication the trend is turning back higher.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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