Crude Oil Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Tue Nov 02 10 09:33 ET

Crude oil rises further to as high as 84.14 so far today but is still limited below 84.49 resistance. Intraday bias remains neutral and more consolidations could still be seen before an eventual upside break out. Though, note that we'll start to look for reversal signal against as crude oil approaches 87.15 high. On the downside, even in case of another fall, we'd expect strong support from 79.25 to contain downside in near term.

In the bigger picture, after all, we're still favoring the case that medium term rally from 33.2 is already completed at 87.15. Recovery from 64.23 is treated as a correction and should be near to completion, if not finished. Even in case of another rise, strong resistance should be seen as crude oil enters into resistance zone of 82.97/87.15 and bring reversal. We're still expecting another fall to 60 psychological level (50% retracement of 33.2 to 87.15 at 60.18). However, decisive break of 87.15 will put focus on long term fibo level at 50% retracement of 147.27 to 33.2 at 90.24.

Nymex Crude Oil Continuous Contract 4 Hours Chart

Nymex Crude Oil Continuous Contract Daily Chart

 

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