Nymex Crude Oil (CL) After edging higher to 73.38, Crude oil reversed and fell sharply to close below key near term support of 66.25 at 65.63. There were two important implications from last week's move. Firstly, it was an outside week reversal. Secondly, break of 66.25 completed a double top reversal pattern (73.23, 73.38). Both developments, combing with the fact that daily MACD is now sustaining below it's own trend line, indicates that crude oil has at least topped out in short term, and
Crude Oil Weekly Technical Outlook
