Thursday, June 10, 2010

Crude Oil Daily Technical Outlook For Thursday Morning

Current development suggests that whole rebound from 64.24 is still in progress and might extend beyond 75.72. But after all, we'd expect upside to be limited by 61.8% retracement of 87.15 to 64.23 at 78.39 and bring fall resumption. Below 69.51 minor support will argue that such recovery is finished and will flip intraday bias back to the downside for retesting 64.24 low first.

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, break of resistance at 78 level is needed to be 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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