May mini Nymex crude oil futures a selling opportunity on more price weakness.

See on the daily bar chart for May Nymex crude oil futures that prices have sold off sharply recently after forming a bearish double-top reversal pattern the past several weeks. See, too, that recent price action has produced a pause, which is not bullish. The bears have downside near-term technical momentum. A move below technical support at this week’s low of $92.45 would become a fresh selling opportunity in the May mini crude oil futures contracts. The downside price objective would be $88.00, or slightly below. Technical resistance, for which to place a protective buy stop just above, is located at $94.50.

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