December Nymex “mini” crude oil futures a selling opportunity on more price weakness.
See on the daily bar chart for December Nymex crude oil futures that the uptrend appears to be rolling over as an uptrend line was recently negated. Prices Monday hit a fresh three-week low. See, too, at the bottom of the chart that the Moving Average Convergence Divergence (MACD) indicator is in a bearish posture. Also, the MACD is showing bearish “divergence,” whereby a market posts new for-the-move highs while the technical indicator starts to weaken. A move below solid chart support at Monday’s low of $102.22 would become a selling opportunity in the Nymex “mini” crude oil futures contracts. The downside price objective would be $93.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at last week’s high of $106.68.
