Day Trading & Forex Forum

CFDTrading

Crude Oil Trading at Key Support - Further Losses in Store?

Cfdtrading.com provides free news, trading resources, and market analysis to the trading community.

Long-Term Technical Forecast for Crude Oil



This is a monthly chart of crude and it suggests that the drop from 147 is a large 4th wave. The 38.2% of wave 3 is at 64 and the 50% coincides with the June 2003 low near 50. A long term low will likely form in this zone (50-64), but probably not for another number of months. The sharp drop in crude could be wave A within a flat or triangle. In this case, we would see a sizeable bounce in wave B, that would get under way soon.

Short-Term Technical Forecast for Crude Oil



Oil broke below key support and subsequently went on to challenge next significant price floors near 68.00. The daily close below the key 74.00 mark confirms that the trend remains lower. While extremely oversold conditions could produce a short-term bounce in the NYMEX contract, we think risks continue weighed to the downside through upcoming trade.

This Article continues HERE, and has a further look at the long and short term outlooks for Gold and Silver.

Cfdtrading.com provides free news, trading resources, and market analysis to the trading community.

alegooil

I Advitise My Produt As A New Member In Forum