NYMEX Crude Oil Technical Levels
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Capped Below 5-day Moving Average
RES 4: $62.23 Daily high 17 Oct
RES 3: $61.70 23.6% of $56.55 to $78.40
RES 2: $61.25/35 Channel top from 9 Oct & Daily high 9 Nov
RES 1: $59.90 5-day moving average
LAST PRICE: $59.75
SUP 1: $58.88/89 Daily lows 7 & 8 Nov
SUP 2: $58.50 Daily low 6 Nov
SUP 3: $57.70 Daily Bollinger band base
SUP 4: $57.05 Low of current move 31 Oct
Dec Nymex is capped below the 5-day moving average at $59.90 and whilst be,low here, the risk is on move towards $56.50/55, where former is the value of the channel base and latter the YTD low on continuation charts. The daily studies are mixed, with 14-day RSI now beginning to turn lower and DMI still bearish.
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