ONG: Crude Oil Weekly Technical Outlook For Saturday February 25th

From the staff at Oil N Gold......

Crude oil's rally continued last week as expected and reached as high as 109.95 so far. Initial bias remains on the upside this week and current rise should target a test on 114.83 key resistance next. On the downside, below 107.95 minor support will turn bias neutral and bring consolidations first before staging another rise.

In the bigger picture, the medium term up trend from 33.2 shouldn't be completed yet. Rise from 74.95 is indeed tentatively treated as resumption of such rally. Sustained break of 114.83 will target 61.8% projection of 33.2 to 114.83 from 74.95 at 125.40. On the downside, though, break of 95.44 support will indicate that correction pattern from 114.83 is going to extend further with another falling leg to 74.95 and below before completion.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2. The corrective structure of the rise from 33.2 indicates that it's second wave of the consolidation pattern. While it could make another high above 114.83, we'd anticipate strong resistance ahead of 147.24 to bring reversal for the third leg of the consolidation pattern.

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Oil N Gold: Crude Oil and Gold Weekly Technical Outlook

Here is your weekend Technical outlook for crude oil and gold from the traders at Oil N Gold. Com......



Crude Oil
Crude oil's corrective rise from 75.71 extended further last week but struggled to take out 55 days EMA. Also strong resistance around 90 psychological level. While such correction might extend, current development suggests that it should be to completion and rise attempts should be limited by near term falling trend line resistance (now at 92.3). A break of 85.00 minor support will be the first signal of resumption of fall from 114.83 and should turn bias to the downside for retesting 75.71 low first.

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. However, break of 100.62 resistance will indicate that fall from 114.83 has completed after meeting missing 100% projection target. The corrective structure of such decline in turn argues that rise from 33.2 is still in progress for another high above 114.83.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2, second wave might be finished. Upon confirmation of medium term reversal, the third wave of the pattern should have started for a retest on 33.2 low.

Gold
Gold's choppy fall from 1923.7 extended to as low as 1765.4 last week and there is no sign of completion yet. Such decline is either consolidation to rise from 1705.4 or the third leg of the consolidation pattern from 1917.9. In either case, more choppy trading would still be seen in range of 1705.4/1923.7. But in case of deeper fall, we'd expect strong support above 1705.4 to contain downside and bring up trend resumption. Above 1923.7 should in turn send gold towards 61.8% projection of 1478.3 to 1917.9 from 1705.4 at 1977.1.

In the bigger picture, firstly, gold's long term up trend is still intact and there is no signal of reversal yet. Another record high should still be seen. But we'll be cautious on another near term reversal near to 2000 psychological level and finally bring some lengthier consolidation. Meanwhile, a break of 1705.4 will argue that gold has indeed topped out with a double top reversal pattern (1917.9, 1923.7) and in such case, deeper pull back could be seen back towards resistance turned 1577.4 support instead.

In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253 and there is no sign of topping yet. Current up trend could now be targeting 161.8% projection of 253 to 1033.9 from 681 at 1945.6. Sustained trading above 2000 psychological level should pave the way to 261.8% projection at 2727.2.

Oil N Gold: Crude Oil Technical Outlook For Wednesday Morning

Crude oil's choppy recovery extends further by taking out 89.00 resistance and reaches as high as 89.21 so far. Intraday bias is back on the upside and further rise could be seen. Focus is now on 89.61 support turned resistance We'll stay bearish as long as this resistance holds and expect reversal soon. Below 82.95 will flip bias back to the downside for 75.71 support first. Break will resume whole decline from 114.83 towards 70 psychological level. However, sustained trading above 89.61 will argue that the near term trend in crude oil might have reversed and will bring stronger rebound towards 100.62 resistance instead.

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. However, break of 100.62 resistance will indicate that fall from 114.83 has completed after meeting missing 100% projection target. The corrective structure of such decline in turn argues that rise from 33.2 is still in progress for another high above 114.83.

Nymex Crude Oil Continuous Contract 4 Hours Chart at Oil N Gold.Com

Oil N Gold: Staying Bearish as Long as $89 Resistance Holds

Outlook in crude oil remains unchanged. We'll stay bearish as long as 89.00 resistance holds and expect deeper decline ahead. Below 79.17 will flip bias back to the downside for 75.71 first. Break will confirm resumption of whole fall from 114.83 and should target 70 psychological level next. On the upside, though, break of 89.00 resistance will dampen this bearish view and bring stronger rebound towards 100.62 resistance instead.

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 now target next key cluster support at 64.23 (61.8% retracement of 33.2 to 114.83 at 64.38). Sustained break will pave the way to retest 33.2 low. On the upside, break of 89.61 resistance is needed to be the first signal of bottoming or we'll stay bearish.


Posted courtesy of Oil N Gold.Com

Oil N Gold: Mondays Crude Oil Daily Technical Outlook

Intraday bias in crude oil remains on the downside for a test on 75.71 support. Break there will confirm resumption of whole fall from 114.83 and should target 70 psychological level next. On the upside, though, break of 89.00 resistance will dampen this bearish view and bring stronger rebound towards 100.62 resistance instead.

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 now target next key cluster support at 64.23 (61.8% retracement of 33.2 to 114.83 at 64.38). Sustained break will pave the way to retest 33.2 low. On the upside, break of 89.61 resistance is needed to be the first signal of bottoming or we'll stay bearish.

Posted courtesy of Oil N Gold.Com

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