Nymex Crude Oil (CL)

No change in Crude oil's outlook. Short term outlook remains bearish as long as 50.47 resistance holds. While current consolidation might continue, another fall is still expected to be seen towards next key support at 25.04. Though, a break above 50.05/47 resistance zone will be a strong signal that medium term fall has completed on bullish convergence conditions in daily MACD and should then bring strong rebound.

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 indicates that such down trend from 147.27 has resumed for lower end of the current medium term support zone at 25.04.

Nymex Crude Oil Continuous Contract 4 Hours Chart

Nymex Crude Oil Continuous Contract Daily Chart