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Crude Oil Weekly Technical Outlook From Oil n Gold

By Crude Oil Trader on 09/18/2010 – 1:25 pm PDTLeave a Comment

Crude oil edged high to 78.04 last week but was limited below mentioned 61.8% retracement of 82.97 to 70.76 at 78.31 and reversed. The break of 73.88 minor support indicates that whole recovery from 70.76 is likely completed. Initial bias is mildly on the downside this week for a retest on 70.76 support first. Sustained trading below 70.76/71.09 support zone will confirm our bearish view that whole rebound from 64.23 is finished at 82.97 already and target another low below 64.23. On the upside, above 75.25 minor resistance will turn intraday bias neutral and bring recovery. But we’ll stay bearish as long as 78.31 fibo resistance holds.

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. Decisive break of 71.09 will confirm this bearish case and also 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, break of 82.97 resistance is needed to invalidate this view. Otherwise, we’ll stay bearish in crude oil.

In the long term picture, current development suggests that rebound from 33.2 is finished at 87.15, inside 76.77/90.24 fibo resistance zone as expected. Our view is that fall from 87.15 would develop into the third falling leg of the whole correction from 147.27 and hence, we’d anticipate an eventual break of 33.2 low in the long term as such correction extends.

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