NYMEX Crude Oil Technical Levels

RES 4: $68.75/90 Daily high 8 Sept & 50.0% of $52.52 to $78.40
RES 3: $66.70 38.2% of $59.52 to $78.40
RES 2: $65.15/20 Daily high 19, 18 Sept & 21-day moving average
RES 1: $63.35 Bear-flag top from 22 Sept

LAST PRICE: $62.92

SUP 1: $61.80/90 5-day moving average & 38.2% of $63.36 to $59.52
SUP 2: $60.30 Bear-flag base from 25 Sept
SUP 3: $59.50 Trend support line from Sept 2003
SUP 4: $58.60/65 Daily Bollinger base & Daily low 28 Nov 2005

Nov Nymex crude oil is forming a bear-flag on daily charts, i.e. continuation of move lower. Flag top comes in at $63.35 and whilst this caps, risk is on the downside, and break below $60.30 -- targets a measured move to $57.25. The long-term trend line at $59.50 is pivotal and break below here puts bears in control.