Thursday, October 20, 2011
Oil N' Gold: Crude Oil Daily Technical Outlook For Thursday Oct. 20th
In the bigger picture, medium term rebound from 33.2 is treated as the second leg of consolidation pattern from 147.24 and should have finished at 114.83 already. Current decline should target next key cluster support at 64.23 (61.8% retracement of 33.2 to 114.83 at 64.38) next. Sustained break will pave the way to retest 33.2 low. On the other hand, note that the fall from 114.83 is note clearly displaying an impulsive structure yet. Break of 90.52 will argue that price actions from 114.83 could merely be forming a sideway consolidation pattern and rise from 33.2 might still extend beyond 114.83 before completion.
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