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 seven-week-old downtrend. The bears have the near-term technical advantage and would gain fresh downside momentum by pushing prices below chart support at last week’s low of $100.46. That would also become a selling opportunity in the “mini” Nymex crude oil futures contracts. The downside price objective would be $95.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at $102.50.
