Crude Oil Daily Technical Outlook
Oil N' Gold Team from Oil N' Gold at 10/12/09
Nymex Crude Oil (CL)
Crude oil's rally extends further today and the break of 73.16 resistance indicates that fall from 75.0 has completed at 65.05 already. The corrective three wave structure in turn argue that crude oil's medium term rally is not completed at. Intraday bias is on the upside for retesting 75.0 first. Break will target 38.2% of 147.27 to 33.2 at 76.77 next. on the downside, below 72.18 minor support will turn intraday outlook neutral and bring consolidation first.
In the bigger picture, the break of 73.16 resistance favor the case that rise from 33.2 is still in progress for another high above 75.0. Nevertheless, strong resistance should be seen in 76.77/90.24 fibo resistance zone (38.2% and 50% retracement of 147.27 to 33.2) to conclude the medium term rise finally. On the downside, in case of pull back, break of 65.05 is needed to revive the case that crude oil has topped out. Otherwise, further rise is still in favor.
Nymex Crude Oil Continuous Contract 4 Hours and Daily Charts