Crude Oil Daily Technical Outlook

17 March 2009 @ 11:23 am EDT

Crude oil recovers again after being supported by short term rising channel. Outlook remains unchanged for the moment. Another rise towards 50.47 resistance cannot be ruled out. But after all, since rise from 33.55 is treated as part of sideway consolidation that started at 34.98 only, upside is expected to be limited by 50.47 resistance and bring medium term down trend resumption. Below 42.08 will suggest that this rise from 33.55 has finally completed with bearish divergence condition in 4 hours MACD and RSI. In such case, intraday bias will be flipped back to the downside for retesting 33.55 low first.

Oil and Gold Reports contributed by Oil N' Gold

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