NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sun Aug 2, 2015 11:00 AM CDT

Brent Crude Oil: The spot-month contract closed $2.41 lower at $52.21. The secondary (intermediate-term) trend remains down with the spot-month contract testing support at $50.96. This price marks the 76.4% retracement level of the previous uptrend from $45.19 through the high of $69.22. Weekly stochastics have crossed below the oversold level of 20% indicating the market could begin to stabilize. If so, Wave 2 of the major (long-term) 5-wave uptrend could soon come to an end.

Crude Oil: The spot-month contract closed $1.02 lower at $47.12. The secondary (intermediate-term) trend remains down with the spot-month contract testing support at $46.88. ...

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