The Nymex crude oil futures market daily bar chart shows price uptrend lines have recently been soundly negated, which has produced serious near-term technical damage to suggest a market top is in place. I look for more sideways to lower trading action in the oil market in the near term. Not only have the technicals turned more bearish for oil, the world supply-and-demand situation is also tilted in favor of the bearish camp. Stay tuned!
