FXstreet.com

6

1

Crude Oil Daily Technical Outlook

Wed, Jan 14 2009, 11:20 GMT
by Oil N' Gold Team

Oil N' Gold


Oil N' Gold

More Analysis and Technicals on Crude Oil, Natural Gas, Gold & Silver

Nymex Crude Oil (CL)

With 4 hours MACD crossed above signal line, an intraday low should be in place in crude oil and some consolidation would be seen for the moment. Nevertheless, recovery should be limited by 43.86 resistance and bring fall resumption to retest 34.98 low. Break will confirm that medium term down trend is resuming. On the upside above 43.86 will turn short term outlook neutral and put focus back to 50.47 resistance.

In the bigger picture, failure to sustain above 50.05 resistance dampens the case that a medium term bottom is formed at 34.98. With medium term trend line resistance intact, there is no confirmation of completion of the down trend neither. Break of 34.98 will indicate that such down trend from 147.27 has resumed for lower end of the current medium term support zone at 25.04.

On the upside, however, a break above 50.47 will firstly indicate that rise from 34.98 has resumed. More importantly, the possible head and shoulder bottom formation (ls: 40.50, h, 34.98, rs: ?) will revive that case that a medium term bottom is formed. Strong rally should be seen in such case which should take out the mentioned trend line resistance with ease and should target 90.51 medium term support turned resistance (50% retracement of 147.27 to 24.98 at 91.25)

Nymex Crude Oil Continuous Contract 4 Hours Chart and Daily Chart


Archive

Action Forex Company Limited  | Room 1707, 17/F Treasure Centre 42 Hung To Road Kwun Tong, Kowloon
http://www.oilngold.com/ | contact@oilngold.com

Legal disclaimer and risk disclosure

Oil N' Gold does not guarantee the accuracy of the reports and trading recommendations provided. Any market recommendations of, or information provided by Oil N' Gold do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any foreign exchange transaction.

Related reports

Forex Chartist Technical Analysis - GBP/USD & EUR/USD by Charmer Charts.com
Tue, Nov 24 2009, 07:15 GMT

Daily Forex and Dow Jones Recommended Levels by FXtechtrade
Tue, Nov 24 2009, 06:09 GMT

Technical Market Commentary - Technical Market Commentary by India Forex Advisors
Tue, Nov 24 2009, 05:58 GMT

Daily FX Forecast by S.A.F.E. Ltd
Tue, Nov 24 2009, 05:51 GMT

Market Morning Briefing - Market Morning Briefing by Kshitij Consultancy Service
Tue, Nov 24 2009, 05:45 GMT

eurusd, oil, commodities, gbpusd, usdchf, usdjpy, energies

View All

Related content


Interested in forex trading? forex brokerage firms!


FX Solutions LLC
Contact the broker/FDM
Open a demo account
ACM Advanced Currency Markets SA
Contact the broker/FDM
Open a demo account
City Credit Capital (UK) Limited
Contact the broker/FDM
Open a demo account
GFT
Contact the broker/FDM
Open a demo account
IG Markets
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.