Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sun Sep 28, 2014 09:12 AM CDT

Brent Crude Oil: The spot-month contract closed $1.39 lower. The spot-month contract posted a new low of $95.60 last week, extending the secondary (intermediate-term) downtrend. However, it was able to rally off this new to close at $97.00. Weekly stochastics are still well below the oversold level of 20%, indicating the market remains in an oversold situation.

Crude Oil: The spot-month contract closed $1.13 higher. The secondary (intermediate-term) trend has turned sideways, with support at the recent low of $90.43. Initial resistance is at the 4-week high of $96.00, just short of retracement resistance at $96.19. This price marks the ...

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