Crude Oil Daily Technical Outlook

Written by Oil N' Gold | Fri Apr 2
Nymex Crude Oil (CL)
Crude oil's recovery is still in progress and at this point, intraday bias remains on the upside as long as 47.70 minor support holds. Based on the corrective look of the price actions from 54.66, break of 51.37 resistance will suggest that such consolidation has completed and recent rally could be resumption. Break of 54.66 high will confirm the bullish case. However, below 47.7 will flip intraday bias back to the downside and suggest that fall from 54.66 is still in progress for 61.8% retracement of 33.55 to 54.66 at 41.66.

In the bigger picture, the bullish case looks shaky with daily MACD staying below signal line. But after all, with 41.66 fibo support intact, we're still mildly favoring the case that a medium term bottom is in place at 33.55. Break of 54.66 will confirm that rise from 33.55 is still in progress and should target 38.2% retracement of 147.27 to 33.55 at 76.99 next. On the downside, break of 41.66 fibo support will firstly suggest that rise from 33.55 has completed. Secondly it will also indicate that it's merely part of the three wave consolidation that started at 32.48 and such consolidation has possibly completed too. Focus will then turn back to 33.55 low.