Oil News: Traders Eye Trend Line Break as Crude Oil Analysis Flags Weak Oil Demand

Technically, the main trend is still up, but momentum looks like it’s getting ready to flip. We’ve got a secondary lower top at $65.53, and more importantly, the market is trading on the weak side of the uptrend line at $63.21. Resistance sits at $65.53 and $66.49.If we break under that trend line with any conviction, we could see a sharp move into the support cluster at the 200-day moving average around $60.70 and the 50% level at $60.66. WTI is already on track to close the week down 3.2%.Geopolitical Ris ...