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. The bears have gained downside near-term technical momentum this week and would gain more by pushing prices below support at last week’s low of $100.64. That would also become a selling opportunity in the “mini” crude oil futures contracts. The downside price objective would be $94.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at $104.00.
