Crude Oil - Top Technical Levels for 5.19.16

SHORT-TERM (today 5 days out)

For Thursday, 48.63 can contain session weakness (assuming an open above), 50.56 in reach and likely to contain initial strength, beyond which 51.14 becomes an intraday target likely to contain session strength. A settlement today about 51.14 indicates 53.47 within several days, targeted resistance able to contain strength through next week. Downside today, breaking/opening below 48.63 signals 47.62 intraday, while closing below 48.63 should yield 46.34-36 within several days, a meaningful range of support able to contain selling into later year and above which a long-term buy signal remains "in the works" – confirmed tomorrow with settlement above 46.80.

5.19artac.PNG

MID (2-3 wks) & LONG TERM (2-3 ms )

Long-term resistance in the 46.34-36 region (page 2) can contain strength through the balance of the year, below which the market’s dynamic remains heavy over this time horizon, 33.44 expected within 3-5 weeks, a retest of this year's 26.05 low within several months. On the other hand, a weekly settlement Friday above 46.34 (and above 1% margin of 46.80 for buy signal clarity) indicates a good 2016 low, 54.86 then expected within 2-3 weeks, 69.79 within 5-8 months, the start of a wide yet narrowing range of long-term resistance up to 75.41 able to contain strength through 2017

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