Nymex Crude Oil (CL)

Intraday bias in crude oil remains neutral for the moment. Consolidations from 92.58 is still in progress and another fall might still be seen. Nevertheless, recent from 70.76 should be in progress as long as 86.83 support holds and we'd expect such rally to resume sooner or later. Break of 92.58 will target 100% projection of 70.76 to 88.63 from 80.06 at 97.93. However, break of 86.83 support will be the first alert that rise from 70.76 is finished and will bring deeper fall to 80.06 support for confirmation.

In the bigger picture, whole medium term rise from 33.2 is still in progress. Such rally is treated as the second wave of the consolidation pattern that started at 147.27 (2008 high). 50% retracement of 147.27 to 33.2 at 90.24 is already met and there is no sign of reversal yet. Further rise could still be seen to 61.8% retracement at 103.70 and possibly above. On the downside, break of 80.06 support is needed to be the first sign of medium term reversal and break of 64.23 is needed to confirm. Otherwise, outlook will remain bullish.

Nymex Crude Oil Continuous Contract 4 Hours Chart

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