Crude Oil Weekly Technical Outlook
Nymex Crude Oil (CL) After edging higher to 75.0, crude oil retreated sharply to as low as 69.83 last week but managed to recover from there and close above 70 level at 72.86. Initial bias remains neutral this week and some more sideway trading might be seen. As noted before, with near term trend line support (now at 68.00) intact, rise from 58.32 is likely still in progress. Above 75.0 will bring rally resumption to long term fibonacci resistance at 76.77 (38.2% retracement of 147.27 to 33.2)