Posts
Crude oil jumped to as high as 84.53 but was limited by mentioned 85.42 resistance and weakens again. With 4 hours MACD crossed below signal line, intraday bias is turned neutral. As noted before, decline from 88.63 is still in favor to continue with 84.52 resistance intact. Break of 80.06 will target 61.8% retracement of 70.76 to 88.63 at 77.59 and below. Though, above 84.53 will now flip intraday bias back to the upside for retesting 88.63 high.
In the bigger picture, the steeper than expected fall from 88.63 is mixing up the outlook and argue that rise from 64.23 is possibly finished with three waves up to 88.63. In other words, it could be the second wave of consolidation from 87.17 and the third wave might have just started. We'll now slightly favor more decline as long as 88.63 resistance holds. Nevertheless, medium term rise from 33.2 is treated as the second wave of the consolidation pattern that started at 147.27. As long as 64.23 support holds, medium term rise from 33.2 is still in favor to extend to 50% retracement of 147.27 to 33.2 at 90.24 and possibly higher before completion.
Nymex Crude Oil Continuous Contract 4 Hours Chart
Nymex Crude Oil Continuous Contract Daily Chart
Latest Analysis from this Author
Gold Daily Technical Outlook (Friday, 26 November 2010 07:42 ET)Silver Daily Technical Outlook (Friday, 26 November 2010 07:42 ET)Natural Gas Daily Technical Outlook (Friday, 26 November 2010 07:40 ET)Market Sentiment Damped by Macroeconomic, Geopolit... (Friday, 26 November 2010 07:13 ET)China Steps Up Measures to Curb Inflation (Thursday, 25 November 2010 23:55 ET)Economic Calendar 11/26/10 (Thursday, 25 November 2010 12:38 ET)Oil Rallies as Buoyed by Wall Street (Wednesday, 24 November 2010 23:08 ET)Economic Calendar 11/25/10 (Wednesday, 24 November 2010 14:00 ET)Economic Calendar 11/24/10 (Wednesday, 24 November 2010 14:00 ET)Crude Oil Rallies Above 83 Despite Inventory Gains (Wednesday, 24 November 2010 12:06 ET)
No comments:
Post a Comment