OIL Prices continue to push lower as expected

Prices continue to push lower as expected after taking out support at 87.66, the 38.2% Fibonacci expansion. Sellers continue to take aim at the 50% level at 83.76, with a break below that exposing the 61.8% Fib at 79.84. The 87.66 mark has been recast as near-term resistance. A reversal back above that targets the psychologically significant 90.00 figure and a falling trend line set from late September, now at 91.84.

Crude Oil (Dec 12) intraday: the downside prevails.

Pivot: 87.50 Our Preference: SHORT positions below 87.5 with targets @ 84.95 & 84.4. Alternative scenario: The upside breakout of 87.5 will open the way to 88.25 & 89.9. Comment: as long as 87.5 is resistance, look for choppy price action with a bearish bias.

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