Nymex Crude Oil (CL)
Crude oil edged higher to 90.87 today before retreating mildly. As noted before, the strong break of 87.79 minor support suggests that fall from 92.37 might be over. Also, note that crude oil is still staying well inside medium term rising channel from 64.23 and hence, such rally is possibly still in progress. Intraday bias remains on the upside for a test on 92.58 resistance first. Break there will target 100 psychological level next. On the downside, break of 85.11 support will turn focus back to 80.06 support instead.
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