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…