Nymex Crude Oil news today june 16 2011

Nymex Crude Oil news today june 16 2011 : The recovery from 96.13 delayed the Bearish case, but I and still anticipating a Southside breakout in here and it may have come Wednesday. And the break 96.13 turns the bias to the Southside and targets 61.8% projection of 114.83 to 94.63 from 102.44 at 89.96, which is close to 90, the Psych mark.

On the Upside: in case of another recovery, the upside should be limited by 102.44, the Key resistance, and bring on resumption of the fall from 114.83.

The Big Picture: as noted before, the medium term rebound from 33.2 is treated as the 2nd leg of consolidation pattern from 147.24. The break of 96.22, the Key support, now serves as the 1st alert of medium term reversal after Crude Oil failed 100% projection of 33.2 to 83.95 from 64.23 at 114.98.

The focus is now on next Cluster Support at 83.85, 61.8% retracement of 64.23 to 114.83 at 83.65, 38.2% retracement of 33.2 to 114.83 at 84.10. And a clear and sustained break there affirms the case of a medium term reversal, and turns my outlook Bearish for 64.23, Key support, and below. But, a, strong rebound above this Cluster Support mark will retain the medium term Bullish outlook and bring on another rise to above 115 level IMO. Stay tuned… For the latest updates PRESS CTR + D or visit Stock Market news Today

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