Nymex August mini crude oil futures a selling opportunity on fresh price weakness.
See on the daily bar chart for August crude oil futures that prices have pushed higher recently but are now into a layer of stiff overhead technical resistance that has halted price uptrends in recent months. A move below chart support at $97.00 would give the bears some fresh downside technical momentum and it would also become a selling opportunity on a “swing trading” basis in August “mini” crude oil futures contracts. (Swing trading is a method by which a well-defined trading range is marked on the chart, and traders then trade in price swings within that range.) The downside price objective would be $92.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at $99.00.
