The February 15 crude oil contract remains in a sideways consolidation range trading just above the contract low set last week.
Over the past 4 days, the 10 day moving average has held as resistance near the daily high keeping the primary market trend bearish.
The 53.94 low set last week by the February contract extending down to 53.60 is the first level of support followed by 50.00-50.50.
Longer term support and the downside objective for this current downtrend is 16-year trend line support from the weekly chart between 45.00-47.00.
The 10 day moving average is resistance today at 56.10. A rally above this average could initiate short-covering ahead of the Christmas holiday.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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