[MDunleavy]

Crude Oil Weekly Technical Outlook
•Sat Nov 24 12 09:51 ET Crude Oil Weekly Technical Outlook Nymex Crude Oil (CL)Crude oil edged higher to 89.98 last week but failed to take out 90 psychological level and retreated again.
•Nonetheless, note that firstly, it's has taken out near term falling channel.
•Secondly, it seems to be well supported by 4 hours 55 EMA.
•Thirdly, daily MACD is staying well above signal line.
•The development argues that fall from 100.42 might be completed at 84.05 already.
•Further rise will be mildly in favor as long as 86.17 minor support holds.
•Strong rally would be seen to 93.66 resistance to confirm the bullish case.
•Though, below 86.17 will flip bias back to the downside for another low below 84.05.
[Written by oilngold]

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