After spending the month of September oscillating between $90 per barrel and $95 per barrel, crude has resumed its downward trend.
Looking at the monthly chart of front-month futures data, you can see that price has broken lower from the triangle pattern formed over the last three years. The current prices in the low/mid $80’s are the lowest of this year on a front-month basis.
The bias remains to the downside with a next near-term target at 82.55 – 82.85 and with the bigger picture support zone down is 74.95 – 77.25. On any rally attempt, the nearby zone of resistance is 89.30 – 90.75.
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