Crude Oil Weekly Technical Outlook
Nymex Crude Oil (CL)
Crude oil dived to as low as 85.11 last week but staged a strong rebound from there. The strong break of 87.79 minor support suggests that fall from 92.37 might be over. Also, note that crude oil is still staying well inside medium term rising channel from 64.23 and hence, such rally is possibly still in progress. Initial bias is back to the upside this week for 92.58 resistance first. Break there will target 100 psychological level next. On the downside, break of 85.11 support will turn focus back to 80.06 support instead.
In the bigger picture, whole medium term rise from 33.2 is still in progress. Such rally is treated as the second wave of the consolidation pattern that started at 147.27 (2008 high). 50% retracement of 147.27 to 33.2 at 90.24 is already met and there is no sign of reversal yet. Further rise could still be seen to 61.8% retracement at 103.70 and possibly above. On the downside, break of 80.06 support is needed to be the first sign of medium term reversal and break of 64.23 is needed to confirm. Otherwise, outlook will remain bullish.
In the long term picture, rebound from 33.2 is not finished yet. But overall view remains unchanged. Crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2, second wave from there unfolding. Current development suggests that a breach of 61.8% retracement at 103.70 is likely. But we'll then start to focus on reversal signal again above 103.70.
Nymex Crude Oil Continuous Contract 4 Hours Chart
Nymex Crude Oil Continuous Contract Daily Chart
Nymex Crude Oil Continuous Contract Weekly Chart
Nymex Crude Oil Continuous Contract Monthly Chart
-- Crude Oil Weekly Technical Outlook
Nymex Crude Oil (CL)
Crude oil dived to as low as 85.11 last week but staged a strong rebound from there. The strong break of 87.79 minor support suggests that fall from 92.37 might be over. Also, note that crude oil is still staying well inside medium term rising channel from 64.23 and hence, such rally is possibly still in progress. Initial bias is back to the upside this week for 92.58 resistance first. Break there will target 100 psychological level next. On the downside, break of 85.11 support will turn focus back to 80.06 support instead.
In the bigger picture, whole medium term rise from 33.2 is still in progress. Such rally is treated as the second wave of the consolidation pattern that started at 147.27 (2008 high). 50% retracement of 147.27 to 33.2 at 90.24 is already met and there is no sign of reversal yet. Further rise could still be seen to 61.8% retracement at 103.70 and possibly above. On the downside, break of 80.06 support is needed to be the first sign of medium term reversal and break of 64.23 is needed to confirm. Otherwise, outlook will remain bullish.
In the long term picture, rebound from 33.2 is not finished yet. But overall view remains unchanged. Crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2, second wave from there unfolding. Current development suggests that a breach of 61.8% retracement at 103.70 is likely. But we'll then start to focus on reversal signal again above 103.70.
Nymex Crude Oil Continuous Contract 4 Hours Chart
Nymex Crude Oil Continuous Contract Daily Chart
Nymex Crude Oil Continuous Contract Weekly Chart
Nymex Crude Oil Continuous Contract Monthly Chart
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