•  
  • New York 01:20
  • London 05:20
  • Barcelona 06:20
  • Tokyo 14:20
  • Sydney 16:20
  • SignUp | Login

Crude Oil Daily Technical Outlook

Tue, Apr 28 2009, 11:15 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:

0

0

Nymex Crude Oil (CL)

With an intraday top in place, outlook in Crude oil remains neutral for the moment. But after all, another rise is still mildly in favor as long as 47.7 support holds. As discussed before, the corrective structure of the fall from 54.66 is consistent with the bullish view that whole rally from 33.55 is still in progress. Above 51.69 resistance will be another signal that recent such rally is resuming for 60, which is close to 23.6% retracement of 147.27 to 33.5 at 60.34.

On the downside, however, below 47.7 will argue that consolidation from 54.66 is extending further before completion. But downside should be contained by 61.8% retracement of 33.55 to 54.66 at 41.66 and bring strong rebound.

In the bigger picture, a medium term bottom is possibly already in place at 33.55 with bullish convergence condition in daily MACD. It's uncertain on how price actions from 33.55 will develop into, be it a strong rally or sideway trading. But after all, with 41.66 fibo support intact, we're favoring the case of strong rally to 55 week EMA at 68.85 first, with prospect of extending to 38.2% retracement of 147.27 to 33.55 at 76.99 next. However, failure at the current level, followed by break of 41.66 fibo 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:

0

0


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.