Markets

Crude Oil Daily Technical Outlook

Nymex Crude Oil ( CL )

Crude oil's consolidation from 94.63 temporary low is still in progress and further recovery could still be seen. But upside is expected to be limited by 4 hours 55 EMA (now at 105.66) and bring another fall. A short term top is at least formed at 114.83 and below 94.63 will target 90 psychological level next.

In the bigger picture, medium term rebound from 33.2 is treated as the second leg of consolidation pattern from 147.24. The break of 96.22 support serves as the first alert of medium term reversal after crude oil failed 100% projection of 33.2 to 83.95 from 64.23 at 114.98. Focus is now on next cluster support at 83.85, 61.8% retracement of 64.23 to 114.83 at 83.56, 38.2% retracement of 33.2 to 114.83 at 84.10. Sustained break there will affirm the case of medium term reversal and turn outlook bearish for 64.23 support and below. Nevertheless, strong rebound above this cluster support level will retain the medium term bullish outlook and bring another rise to above 115 level before reversal.

Nymex Crude Oil Continuous Contract 4 Hours Chart

Nymex Crude Oil Continuous Contract Daily Chart

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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