•  
  • New York 18:58
  • London 22:58
  • Barcelona 23:58
  • Tokyo 07:58
  • Sydney 09:58
  • SignUp | Login

Crude Oil Daily Technical Outlook

Mon, Mar 30 2009, 13:12 GMT
by Oil N' Gold Team

Oil N' Gold  |  View company's profile


Oil N' Gold

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

8

0

Nymex Crude Oil (CL)

Break of 51.86 minor support indicates that an intraday top is in place at 54.66 and bias is flipped to the downside for the moment, targeting lower channel support at 50.52. Nevertheless, downside should be contained there and bring rally resumption. As discussed before, above 54.66 will target next key level of 60, which is close to 23.6% retracement of 147.27 to 33.5 at 60.34.

In the bigger picture, prior break of 50.47 resistance serves as an important signal that crude oil has finally bottomed out in medium term, on bullish convergence condition in daily MACD, after drawing support from 17.12/33.5 key long term support zone. Sustained trading above 50.47 confirms this case and open up the prospect of stronger rally towards next key level at 90.51 (50% retracement of 147.27 to 33.5 at 90.38). However, failure at the current level, followed by break of 42.08 cluster support will revive that case that rise from 33.55 is just part of a medium term sideway consolidation pattern and will put 33.55 low back into focus.

Nymex Crude Oil Continuous Contract 4 Hours and Daily Chart


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

Archive


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.
Vote:

8

0

Related reports

U.S. Forex Market Commentary by GCI
Thu, Mar 18 2010, 22:55 GMT

USD/JPY Back to range top by FXstreet.com Independent Analyst Team
Thu, Mar 18 2010, 15:28 GMT

The dollar and yen continue their advance by ecPulse.com
Thu, Mar 18 2010, 14:38 GMT

London Gold Market Report by BullionVault.com
Thu, Mar 18 2010, 14:25 GMT

Technical Summary for Majors by Windsor Brokers Ltd
Thu, Mar 18 2010, 14:17 GMT

eurusd, eurjpy, chfjpy, oil, commodities, gbpusd, usdchf, crude, gbpjpy, usdjpy, energies

[ View All ]

Related content

Forex: EUR/USD continues falls and traded at 1.3601
FXstreet.com | Thu, Mar 18 2010, 22:34 GMT

Forex: Euro ends sharply lower on Thursday
FXstreet.com | Thu, Mar 18 2010, 21:39 GMT

Forex: EUR/USD recovery finds resistance at 1.3635
FXstreet.com | Thu, Mar 18 2010, 19:07 GMT

Forex: CAD downswing, Dollar strength
FXstreet.com | Thu, Mar 18 2010, 16:28 GMT

Forex: GBP/USD dips below 1.5240 to fresh daily lows
FXstreet.com | Thu, Mar 18 2010, 15:40 GMT

eurusd, eurjpy, chfjpy, oil, commodities, gbpusd, usdchf, crude, gbpjpy, usdjpy, energies

[ View All ]

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.

©2010 "FXstreet.com. The Forex Market" All Rights Reserved.