Crude Oil Daily Technical Outlook

Nymex Crude Oil (CL)

With 4 hours MACD crossed above signal line, a temporary low is in place in crude oil at 74.86 and bias is turned neutral. Some recovery might be seen, possibly to 4 hours 55 EMA (now at 77.76) but upside should be limited well below 82.97 resistance and bring another fall. As note4d before, rebound from 64.23 is finished at 82.97 already. Below 74.86 will target 71.09 support first. Break there will confirm this bearish case and bring deeper fall towards 64.23 support.

In the bigger picture, choppy rebound from 64.23 is treated as a correction to fall from 87.15 only and has possibly finished at 82.97 already. Break of 71.09 will affirm this case and indicate that whole fall from 87.15 is resuming for 60 psychological level, (50% retracement of 33.2 to 87.15 at 60.18, 100% projection of 87.15 to 64.23 from 82.97 at 60.05). Decisive break there will indicate that fall from 87.15 is developing into a powerful impulsive wave and would target 33.2 low. On the upside, even in case of another rise, focus will remain on reversal signal as crude oil enters into resistance zone of 82.97/87.15.

Nymex Crude Oil Continuous Contract 4 Hours Chart

Nymex Crude Oil Continuous Contract Daily Chart