NYMEX Crude Oil Technical Levels

CRUDE TECHS: Trend Line/Fibonacci Eyed $72.00

RES 4: $76.50 Daily high 10 Aug

RES 3: $74.75/80 21-day moving average & Daily high 11 Aug

RES 2: $74.30 5-day moving average

RES 1: $73.95 55-day moving average

LAST PRICE: $73.52

SUP 1: $72.60 Daily low 14 Aug

SUP 2: $72.00 Support line from 30 Nov 2005 & 76.4% of $79.86-$69.50

SUP 3: $71.45 Daily low 26 June

SUP 4: $69.50 Daily low 19 June

"Abandoned baby" of Island reversal pattern seen last week and subsequent break below the 100-day moving average has weaknened outlook for further weakness to $72.00, which is a trend line from Nov 30 and latter the 76.4% of $79.86-$69.50 move. The daily studies are still pointing lower from overbought territory, implying downside risks.