Written by Oil N' Gold | Tue Aug 18 09 07:00 ET
Nymex Crude Oil (CL)
Crude oil recovers after dropping to as low as 65.23 and touching of 67.60 minor resistance suggests that an intraday low is in place. Some consolidations could now be seen but after all, recovery should be limited by 68.94 support turned resistance and bring fall resumption. Below 65.23 will target 62.70 support first and then 58.32 key level.
In the bigger picture, with daily MACD crossed below signal line, rise from 58.32 has possibly completed already. The development puts focus back to medium term trend line support at 64.10. Decisive break there will revive the case that whole rebound from 33.2 has completed at 73.36 already and will turn focus back to 58.32 support for confirmation. Break there will open up the possibility of deep decline to retest 33.2 low. On the upside, above 73.36 will in turn indicates that rise from 33.2 is still in progress. Nevertheless, strong resistance is expected as crude oil enters into 76.77/90.24 fibo resistance zone and bring reversal finally.
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