US Crude Oil Technical Outlook (Weekly)

US Crude Oil Technical Outlook (Weekly)
US Crude Oil Technical Outlook (Weekly)

$USO

NYMEX Crude Oil (CL)

WTI Crude Oil formed a low (temporary)after dipping to 39.19 and recovered. Some consolidations could be seen 1st but outlook will remain Bearish as long as 44.42 support turned resistance holds.

Current decline from 51.67 would target 61.8% Fibo retracement of 26.05 to 51.67 at 35.84 1st and possibly to 35.24 support and below.

The bigger picture

The medium term rebound from 26.05 might be over at 51.67. A clear break of 35.24 will bring a retest on 26.05. But strong support should be seen there to establish the range for sideways trading.

But, a clear break above 51.67 will target 38.2% Fibo retracement of 107.73 to 26.05 at 57.25 before settling the upper side of the range.

The long term picture

WTI Crude Oil should have drawn support from 17.12/37.0 support zone to form a medium term bottom at 26.05, now expecting a medium term long term sideways pattern.

 

NYMEX Crude Oil Continuous Contract Weekly Chart

Have a terrific week.

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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