Weekly Technical Outlook NYMEX Crude Oil (CL)

Weekly Technical Outlook NYMEX Crude Oil (CL)

Weekly Technical Outlook NYMEX Crude Oil (CL)

Nymex Crude Oil (CL)

The choppy fall from 51.67 continued last week and broke 41.88/90 cluster support (38.2% Fibo retracement of 26.05 to 51.67 at 41.88).

Continued trading below this mark should now bring deeper fall to 61.8% Fibo retracement at 35.84 1st and possibly to 35.24 support and lower.

This will remain the preferred outlook as long as 44.42 support turned resistance holds. A clear break of 44.42 will bring on a rebound 1st.

In 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 at 26.05.

But strong support should be seen there to establish the range for sideways trading. A move above 51.67 targets 38.2% Fibo retracement of 107.73 to 26.05 at 57.25 before settling the Northside side of the range.

In the long term picture

NYMEX Crude Oil should have drawn support from 17.12/37.0 support zone to form a medium term bottom at 26.05.

I expect a medium term long term sideways pattern for a while.

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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