Oil Technical Update
WTI Crude Oil 4H 10:55AM EDT 5/30/2012
In the previous update, we saw a break from consolidation in the 4H WTI Crude Oil cart. Well, there was a shakeout, or another leg up to 92.20, before the breakout occurred. Oil price is now breaking below 88.00 in the 5/30 US trading session. This completes the swing projection target, maintaining the bearish momentum and suggests yet further downside.
The daily chart below shows that key support can be found near 75.00, 75.60 area, so the downside risk is down there. Before that, we may have a pivot and 78.6% retracement in the 82.50-82.60 area.
WTI Crude Oil 4H 11:05AM EDT 5/30/2012
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist of FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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