Oil Set to Continue Sliding
Crude oil futures for March delivery on the New York Mercantile Exchange hit a fresh six-week low of $96.44 a barrel as of this writing Thursday. The leader of the raw-commodity sector spent last month trending modestly lower from the Jan. 4 monthly high of $103.90, and recent chart action suggests there is still more downside price potential in the near term.
Since mid-November, crude prices have been trading in a choppy and sideways fashion at price levels that have not strayed far from the key $100 mark. On the daily chart for March crude, the sideways trading range is marked by strong technical resistance at the January high of $103.90 and by strong support at the December low of $92.95....246 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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