September Nymex mini crude oil futures a selling opportunity on more price weakness.
See on the daily bar chart for September Nymex crude oil futures that prices have backed well down from the recent high, an uptrend line has been negated, and a bearish double-top reversal pattern also appears to be forming. The crude oil bulls have faded badly this week. A move below technical support at Friday’s low of $103.62 would become a selling opportunity in the “mini” Nymex September futures contract. The downside price objective would be $98.00 or below. Technical resistance, for which to place a protective buy stop just above, is located at $106.00.
