By Mark Shenk Sept. 25 (Bloomberg) -- Crude oil may test support in the low $60s after breaking a trend of rising prices that began in February, according to technical analysis by Newedge Group. If prices drop below $65 a barrel, there will be support in the $63.60-to-$63.75 area and then at $61.38, said Veronique Lashinski, a senior research analyst for Newedge USA LLC in Chicago. Crude oil for November delivery fell 3.9 percent to $68.97 on Sept. 23, ending more than seven months of price gains that started on Feb. 18 when the contract slipped to $45.87. “The market has looked weak since last week,” Lashinski said in an interview. “The dollar touched a new low and the S&P made a new high and crude oil just sat there. The correlation between oil and the markets ended.” The dollar dropped against the euro four out of five days in the week ended Sept. 18. The Standard & Poor’s 500 Index climbed 2.5 percent in the period and touched 1,068.76 on Sept. 16, the highest since September 2008. Crude oil traded between $68.02 and $73.16 in the week, within the $65-to-$75 range that it’s moved in since July. Crude oil for November delivery fell $3.08, or 4.5 percent, to $65.89 a barrel yesterday on the New York Mercantile Exchange. It was the lowest settlement for a front-month contract since July 29. “We are getting a confluence of bearish warnings,” Lashinski said. Technical traders watch for patterns on daily charts for clues to price direction, and may sell or buy based on those signals.

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