Crude Oil Daily Technical Outlook
Crude oil’s fall from 87.15 resumed by taking out 74.51 support and reaches as low as 72.72 so far. Intraday bias is now on the on the downside for 61.8% projection of 87.15 to 74.51 from 78.51 at 70.70 first. Break will have a test on key support zone of 68.59/69.50. On the upside, break of 78.51 resistance is needed to indicate that crude oil has bottomed. Otherwise, outlook will remain bearish and another fall is still expected even in case of recovery.
Posted in Commodities