• Online Forex trading Community

Crude Oil Daily Technical Outlook

Oil N' Gold Team from Oil N' Gold at 12/10/09


Nymex Crude Oil (CL)

Crude oil dives to as low as 70.13 so far and at this point, intraday bias remains on the downside. The break of 72.39 support confirms that decline from 82.0 has resumed and should now be targeting 65.05 support next. On the upside, above 73.87 minor resistance will turn intraday bias neutral and bring consolidations. But upside should be limited below 79.04 resistance and bring fall resumption.

In the bigger picture, the break of trend line support (now at 71.86) affirms that case that medium term rebound from 33.2 has completed earlier at 82.00 already. Further decline is now expected to 58.32 cluster support (50% retracement of 33.2 to 82 at 57.60) for confirmation. Firm break there will target a retest of 33.2 low next. On the upside, break of 79.04 resistance is needed to invalidate this bearish view. Otherwise, outlook will remain bearish in case of recovery.

Nymex Crude Oil Continuous Contract 4 Hours and Daily Charts

Main Menu