The wheels have quickly come off the Nymex crude oil bullish train. The recent steep downdraft in prices have negated a price uptrend and there are now strong clues that a market top is in place. The bearish fundamental of rising U.S. crude oil production, which is now at a record high of over 10 million barrels a day, and the added specter of Russia and Saudi Arabia now opening up their oil spigots more, have put a knife in the heart of the bullish crude oil camp. Now, major psychological resistance lies at $70.00 a barrel. The next downside target for the empowered crude oil bears is pushing prices below chart support at $65.00. Stay tuned!
