Nymex Crude Oil (CL)
Crude oil's rise from 33.55 extends further to as high as 48.83 so far after brief retreat. At this point, intraday bias remains on the upside as long as 44.97 minor support holds. Further rally might still be seen towards upper end of recent rate near to 50.47 resistance. Nevertheless, note that rise from 33.55 is treated as part of sideway consolidation that started at 34.98 only. Hence, upside should be limited by 50.47 and bring medium term down trend resumption. On the downside, below 44.97 will turn intraday bias back to the downside. Further break of 39.44 minor support will suggest that rise from 33.55 has finally completed and bring retest of this low.
In the bigger picture, while downside momentum is clearly diminishing with bullish convergence condition in daily MACD, there is no indication of a bottom yet. Price actions from 34.98 is still treated as sideway consolidation in the medium term down trend only. Break of 33.55 will suggest decline resumption towards long term trend line support (monthly semi-log chart) at 27 level or lower. . However, note that we'll continue to look for reversal signal as crude oil enter into 17.12/33.5 key long term support zone.
Nymex Crude Oil Continuous Contract 4 Hours Chart
Nymex Crude Oil Continuous Contract Daily Chart