Crude oil futures for December delivery on the New York Mercantile Exchange on Wednesday hit a fresh four-week high of $85.04 a barrel. Prices are now poised to produce a bullish upside breakout from a four-week-old, sideways trading range on the daily bar chart. That trading range is marked by strong overhead technical support at the October high of $85.08 and by solid chart support at the October low of $79.90. Price action this week in December crude oil futures has provided the bulls with fresh near-term technical momentum.
The direction in which December crude oil breaks out of the aforementioned trading range is likely to be the direction of the next significant near-term price trend in the market. Near-term technical support for December crude oil is found at Wednesday's low of $84.04, at $83.50 and then at $83.00. Near-term technical resistance is located at the October high of $85.08, at $85.50 and then at $86.00. Importantly, the crude oil market will continue to be impacted by the value of the U.S. dollar compared to the other major world currencies.
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