January Nymex mini crude oil futures a selling opportunity on more price weakness.
See on the daily bar chart for January Nymex crude oil futures that prices are in a solid downtrend and the bears are in firm technical command. The recent pause in prices is not bullish and suggests the bears are getting ready for another push to the downside. On a move below solid chart support at last week’s low of $93.43, it would become a selling opportunity in the mini Nymex crude oil futures contracts. The downside price objective would be $87.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at $96.00.
