Crude Oil Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Mon Nov 08 10 08:19 ET

With 4 hours MACD crossed below signal line, intraday bias in crude oil is turned neutral and it might retreat towards 4 hours 55 EMA (now at 84.63). Nevertheless, another rise is still expected as long as 79.25 support holds. Above 87.43 will target 100% projection of 64.23 to 82.97 from 70.76 at 89.50 next.

In the bigger picture, the close above 87.15 key resistance indicates that whole medium term rebound from 33.2 has resumed. Such rise is treated as the second wave of the consolidation pattern that started at 147.27. Further should now be seen towards 50% retracement of 147.27 to 33.2 at 90.24 and possibly further to 61.8% retracement at 103.70. On the downside, break of 64.23 support is needed to confirm that crude oil has topped. Otherwise, we won't turn bearish.

Nymex Crude Oil Continuous Contract 4 Hours Chart

Nymex Crude Oil Continuous Contract Daily Chart

 

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