December mini Nymex crude oil futures a selling opportunity on more price weakness.
See on the daily bar chart for December Nymex crude oil futures that prices are in a six-week-old downtrend and just recently hit a fresh 3.5-month low. The crude oil bears have gained good downside near-term technical momentum, and would gain more by pushing prices below chart support at last week’s low of $84.94. That would also become a fresh selling opportunity in the “mini” crude oil futures contract. The downside price objective would be $80.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at $87.50.
