Nymex Crude Oil (CL)

With 86.83 support intact, there is no change in crude oil's outlook. Price actions from 92.58 are treated as consolidation in the larger rally only and should be near to completion. Above 90.22 minor resistance will flip intraday bias back to the upside. Further 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


Nymex Crude Oil Continuous Contract Daily Chart