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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat May 28 16 10:41 ET

Crude Oil Weekly Technical Outlook

Nymex Crude Oil (CL)

Crude oil's rally continued last week and 61.8% retracement of 62.58 to 26.05 at 48.63 is taken out. There is no sign of topping despite lost of upside momentum. Current rise would now target 100% projection of 26.05 to 41.90 from 35.24 at 51.09. Though, considering bearish divergence conditio in 4 hours MACD, break of 46.73 will indicate short term topping and bring pull back to 35.24/41.90 support zone.

In the bigger picture, current development argues that a medium term bottom is possibly in place at 26.05 on bullish convergence condition in weekly MACD. This is in-line with the view that 17.12/37.0 is a key long term support zone. While another rise could still be seen, we'd expect strong resistance from 38.2% retracement of 107.73 to 26.05 at 57.25 to limit upside. Crude oil should then turn into a sideway pattern.

In the long term picture, crude oil should have drawn support from 17.12/37.0 support zone to form a medium term bottom at 26.05. We'd now expect a medium term long term sideway pattern.

Nymex Crude Oil Continuous Contract 4 Hours Chart

Nymex Crude Oil Continuous Contract Daily Chart

Nymex Crude Oil Continuous Contract Weekly Chart

Nymex Crude Oil Continuous Contract Monthly Chart

 

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