Nymex Crude Oil (CL)
Crude oil's break of 92.58 resistance indicates that medium term rise from 64.23 has resumed. Intraday bias remains on the upside for the moment and sustained trading above 92.58 will pave the way to 100 psychological level next. On the downside, below 90.87 minor support will turn bias neutral first and bring retreat. But downside should be contained by 88.40 support and bring another rise.
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 85.11 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 Continous Contract Daily Chart