NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sat Jul 25, 2015 08:08 AM CDT

Brent Crude Oil: The spot-month contract closed $2.48 lower at $54.62. The secondary (intermediate-term) trend remains down with the spot-month contract testing support at $54.55. This price marks the 61.8% retracement level of the previous uptrend from $45.19 through the high of $69.22. Weekly stochastics remain bearish meaning the contract could next test support at the 67% level of $53.33. The market is also in Wave 2 of a major (long-term) 5-Wave uptrend.

Crude Oil: The spot-month contract closed $2.75 lower at $48.14. The secondary (intermediate-term) trend is down with the spot-month contract below support at $48.87. This price marks ...

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