January Crude Oil: Crude oil prices ended sharply lower on Monday after rolling over last week off of 10200 and failing against 10000 thereafter. The market lost $1.64 to close at 9777. The Daily outlook is Bearish below the 10000 mark, however, with congestion Support holding at 9754-9713 S1, today's Bias is Mildly Bearish. Trade above 10000 flips the bias to the Bulls for a short covering rally.

A mild selling approach is suggested today structuring shorts off of listed R1, R2 and R3 Resistance zones, Stops suggested 16 cents above each respective zone. Looking for continued range bound trade heading back to 9754-9713 S1 Support target range. Trade below 9713 will trigger a quick spike down to the next key target at 9675 S2 Support while the downside penetration of 9675 accelerates Bear drives to 9600 to 9500 lower listed Support targets.

On the upside, buy scalpers can lightly trade off of 9754-9713 S1 Support, Stopping out below 9700. All Longs should scale out of positions today against listed R1 to R3 Resistance targets. The upside breakout above 10000 is Bullish on intra-day action triggering rallies to 10145-10150 R4 up to key 10175-10200 R5 Resistance targets.

Daily Chart:

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