Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sun May 24, 2015 06:16 AM CDT

Brent Crude Oil: The spot-month contract closed $1.44 lower at $65.37. The spot-month contract continues to hold below resistance at $69.22, a price that marks the 33% retracement level of the previous downtrend from $117.34 through the low of $45.19. Support is at the 4-week low of $63.90. The bearish crossover by weekly stochastics above the overbought 80% level (week of May 4) indicates the secondary (intermediate-term) trend has turned down.

Crude Oil: The spot-month contract closed $0.03 higher at $59.72. The secondary (intermediate-term) trend looks to have turned sideways, with the spot-month contract holding below resistance at $65.41. This ...

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