Nymex Crude Oil (CL)

Break of 90.87 minor support indicates that a temporary top is formed at 92.84 in crude oil and intraday bias is turned neutral. Some consolidations would be seen first. But downside is expected to be contained by 88.40 support and bring another rise. Above 92.84 will extend rise from 64.23 towards 100 psychological level next.

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 Continuous Contract Daily Chart