Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, suggested that prices of the barrel of the NYMEX Light Crude Oil could attempt some consolidation in the low-$67.00s in the near term.
“NYMEX January Light Crude Oil’s brutal descent from its October peak at 83.83 has taken it to its current November low at 67.06, to around the 200 day moving average at 67.44. Around it we expect to see at least short-term consolidation.”
“If so, the 74.25/76 October 7 and November 22 lows may be revisited.”
“Further resistance comes in between the early November low at 77.23 and the 55 day moving average at 77.32.”
“While the next higher November 24 high at 79.23 isn’t bettered, however, overall downside pressure should retain the upper hand.”
“A slip below the September trough at 66.35 would put the August low at 60.77 back on the plate.”
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