Crude Oil Bottoms Above $75/bbl

13 November 2009 @ 12:05 pm EDT

Crude futures are adding onto yesterday's pullback after UoM Consumer Sentiment printed much weaker than analyst expectations. However, crude has managed to stabilize after yesterday's selloff sent crude tumbling towards the psychological $75/bbl level in reaction to a strengthening Dollar and a larger than expected weekly inventory surplus. Crude finally chose a direction after its incessant consolidation around the psychological $80/bbl level. Unfortunately for bulls, crude's dip below our important 1st tier uptrend line resulted in more accelerated immediate-term losses. Our 1st tier uptrend line runs through October lows, meaning that a recovery back towards our 1st tier could indicated more losses in the near-term.

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