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NYMEX Crude Contract At Risk of Falling in Next 24 Hours
Written by David Rodriguez, Quantitative Analyst
Cfdtrading.com provides free FX news, trading resources, and market analysis to the forex trading community.
Short-Term Technical Forecast for Crude Oil
NYMEX Crude oil recently hit the top of its very recent trading channel and reversed, showing signs that it may continue to correct recent strength through near-term trade. Indeed, a finish below key resistance at 70.50 leaves our previously bearish bias intact, and further downside targets would include previous resistance at 68.75. Whether or not oil may continue its recent advance may very well depend on the coming 24 hours of NYMEX trading.
Like what you see HERE, want to see the rest of this Free Article? Click HERE and see CFDtrading.com view on Gold and Silver also
Cfdtrading.com provides free FX news, trading resources, and market analysis to the forex trading community.
Written by David Rodriguez, Quantitative Analyst
Cfdtrading.com provides free FX news, trading resources, and market analysis to the forex trading community.
Short-Term Technical Forecast for Crude Oil
![Crude_Oil_2008-11-04.gif](/proxy.php?image=http%3A%2F%2Fwww.cfdtrading.com%2Fexport%2Fsites%2Fdailyfx%2Fstory-images%2F2008%2F11%2Fother%2FCommodity_Techs%2FCrude_Oil_2008-11-04.gif&hash=2bba2b454f8d202afdc5aed599ce7be5)
NYMEX Crude oil recently hit the top of its very recent trading channel and reversed, showing signs that it may continue to correct recent strength through near-term trade. Indeed, a finish below key resistance at 70.50 leaves our previously bearish bias intact, and further downside targets would include previous resistance at 68.75. Whether or not oil may continue its recent advance may very well depend on the coming 24 hours of NYMEX trading.
Like what you see HERE, want to see the rest of this Free Article? Click HERE and see CFDtrading.com view on Gold and Silver also
Cfdtrading.com provides free FX news, trading resources, and market analysis to the forex trading community.