December Nymex “mini” crude oil futures a selling opportunity on more price weakness.
See on the daily bar chart for December Nymex crude oil futures that prices are in a six-week-old downtrend and just this week hit a fresh four-month low. The bears have downside near-term technical momentum. Also, a bear flag or bearish pennant pattern has now formed on the daily bar chart. A move below technical support at $85.50 would become a selling opportunity in the “mini” crude oil futures contract. The downside price objective would be $80.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at $88.00.
