Friday, May 28, 2010
Crude Oil Technical Outlook For Friday Morning
In the bigger picture, prior break of 68.59/69.50 support zone affirms our view that whole medium term rebound from 33.2 has completed at 87.15 already, just ahead of 50% retracement of 147.27 to 33.2 at 90.24. Further decline should be seen to 50% retracement of 33.2 to 87.15 at 60.18 at least. Also, as rebound from 33.2 is viewed as as a correction to the whole correction that started at 2008 at 147.27, we'd anticipate a break of 33.2 low in the longer term. On the upside, decisive break of resistance at 78 level is needed to indicate that fall from 87.15 is completed. Otherwise, we'll stay bearish......Nymex Crude Oil Continuous Contract 4 Hours Chart.
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