Crude Oil …. Testing Support Again!

Crude Oil futures (symbol: CL) are again testing critical support in the $92-94 range.  Prices are again challenging the long-run downtrend line which emanates from the 2008 high. Failure of this support range suggests a test of the $84-85 level is likely. Maintaining support in the $92-94 range suggests a test of the $112, and possibly $130 level.

See our previous post dated 01Nov13, http://murphycofutures.com/crude-oil-testing-support/

Our view based on COT data is unchanged, we expect $92-94 support will give way.

Crude Oil, 08Jan14

Murphy & Co’s Crude Oil model is currently short. To learn more about Murphy & Co’s position models, visit http://murphycofutures.com/position-models/.

Posted in Crude Oil, Energy, Uncategorized Tagged with: , , ,

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