Crude is nearing important support.

The chart below is a Crude CFD, similar to the continuous futures contract. It will not display the move below zero back in April, and for today’s analysis it is not very important. What’s most important is what is holding near term of the trend line from the Sept lows to today and also the lows back in June which is horizontal support which intersects with the 200dma too! The RSI is pointing lower suggesting that the risk of a breakdown does exist and is high. A move below the $36 level could have some very negative impacts on crude sensitive currencies like the NOK and CAD which were very weak this session.