Markets

Crude Oil Daily Technical Outlook

Nymex Crude Oil ( CL )

Crude oil's break of 100.12 minor support suggests that recovery from 94.63 has completed at 104.60, ahead of the falling 4 hours 55 EMA. Intraday bias is back on the downside and break of 94.63 will resume whole decline from 114.83 to 90 psychological level next. In any case, near term outlook will stay bearish as long as 104.60 resistance holds.

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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