Nymex Crude Oil (CL)
Crude oil's break of 47.26 support indicates that fall from 54.66 has resumed and could now be targeting 61.8% retracement of 33.55 to 54.66 at 41.66. Short term outlook will remain bearish as long as 51.37 resistance holds. Break of 41.66 will argue that rise from 33.55 has completed already will turn short term outlook bearish for retesting this low. Though, strong rebound from 41.66, followed by break of 51.37 will revive that case that price actions from 54.66 are merely consolidating recent rise, which is still in force.

In the bigger picture, the bullish case looks shaky with crude oil dive back to below 55 day EMA and with daily MACD staying below signal line. Break of 41.66 will firstly suggest that rise from 33.55 has completed. Secondly it will also indicate that it's merely part of the three wave consolidation that started at 32.48 and such consolidation has possibly completed. Focus will then turn back to 32.48/33.55 support zone.

Nymex Crude Oil Continuous Contract 4 Hours Chart

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Nymex Crude Oil Continuous Contract Daily Chart


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Nymex Crude Oil (CL)
Crude oil's break of 47.26 support indicates that fall from 54.66 has resumed and could now be targeting 61.8% retracement of 33.55 to 54.66 at 41.66. Short term outlook will remain bearish as long as 51.37 resistance holds. Break of 41.66 will argue that rise from 33.55 has completed already will turn short term outlook bearish for retesting this low. Though, strong rebound from 41.66, followed by break of 51.37 will revive that case that price actions from 54.66 are merely consolidating recent rise, which is still in force.

In the bigger picture, the bullish case looks shaky with crude oil dive back to below 55 day EMA and with daily MACD staying below signal line. Break of 41.66 will firstly suggest that rise from 33.55 has completed. Secondly it will also indicate that it's merely part of the three wave consolidation that started at 32.48 and such consolidation has possibly completed. Focus will then turn back to 32.48/33.55 support zone.

Nymex Crude Oil Continuous Contract 4 Hours Chart

[ندعوك للتسجيل في المنتدى أو التعريف بنفسك لمعاينة هذه الصورة]

Nymex Crude Oil Continuous Contract Daily Chart


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