Oil Light Crude Futures (U.S. $66.25)

Crude Futures have shown surprising short term weakness, having poked down through 200-Day Moving Average support in the area of $67.50. I had expected that over the short term, oil futures would hold at this Moving Average. As I write today, I get no encouragement from my short term math models to suggest that the price will hold here. As a result, I am forced to look for a new support level below the 200-Day Moving Average. Upside channel support shows up in the $60 area.

In spite of the short term snit we are in, the intermediate term trend remains strong.