NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Fri Jul 3, 2015 07:57 PM CDT

Brent Crude Oil: The spot-month contract closed $1.68 lower at $61.58. The secondary (intermediate-term) trend is down with the spot-month contract testing support at $61.49. This price marks the 33% retracement level of the previous uptrend from $45.19 through the high of $69.22. Weekly stochastics remain bearish indicating a test of the 50% retracement level of $57.41 is likely.

Crude Oil: The spot-month contract closed $4.11 lower at $55.52. As expected, the secondary (intermediate-term) trend turned down last week as the spot-month contract posted a new 4-week low of $55.41. Given the close near its new low the market could ...

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