Technical analysis Crude Oil for 11/9/15

Crude oil prices sold off on Friday following a stronger than expected U.S. Payroll report that lifted the dollar and drove down petroleum prices.  A stronger dollar makes purchasing crude oil in another currency more expensive which in turn erodes the price of crude oil to make it more attractive as a non-dollar denominated asset.

Prices are likely to test trend line support near 43.20.  Resistance is seen near the 5-day moving average at 46.02.  Momentum has turned negative as the MACD (moving average convergence divergence) index generate a sell signal.  This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses below the 9-day moving average of the spread.