NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Thu Jan 1, 2015 08:51 AM CST

Brent Crude Oil: The spot-month contract closed at $57.55, down $12.60 on the monthly chart. The major (long-term) trend remains down as the spot-month contract tests support at $57.96. This price marks the 76.4% retracement level of the previous uptrend from $36.20 (low from December 2008) through $128.40 (high from March 2012). Monthly stochastics are in single digits, well below the oversold level of 20%, indicating the market could begin to stabilize.

Crude Oil: The spot-month contract closed at $53.27, down $12.88 on the monthly chart. The major (long-term) trend remains down as the spot-month contract tests support at $51.91, ...

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