WTI Crude Oil (NY Close): $86.45 // -2.48 // -2.79% Crude oil are under pressure along with the spectrum of sentiment-driven assets as European shares sink, following the defensive tone noted in Asia where downward pressure after Friday's dismal US jobs report was compounded by news that German Chancellor Angela Merkel's CDU party suffered its fifth regional electoral defeat of the year, this time in Mecklenburg - Western Pomerania. Traders are interpreting the result as an indication for waning German support for further Euro Zone debt crisis bailout efforts, pointing to increased instability. US and Canadian markets are closed for the Labor Day holiday today, meaning thin liquidity stands to compound volatility and may produce an exceptionally bitter start to the trading week. As we suspected, prices moved lower after putting in a pair of Doji candlesticks below support-turned-resistance at $89.59, the June 27 wick low. Initial support from here stands at a rising trend line connecting major lows since August 9, now at $84.80. Resistance remains at $89.59.

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