Nymex Crude Oil (CL)
Crude oil's sharp rally and break of 92.84 resistance indicates that medium term up trend has resumed. Intraday bias is back on the upside for upper channel resistance first (now at 96.4). On the downside, below 91.85 minor support will turn bias neutral and bring retreat. But strong support should be seen at 4 hours 55 EMA and bring another rise.
In the bigger picture, current development indicates that 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). Further rise could still be seen to 61.8% retracement at 103.70 and possibly above. On the downside, break of 83.85 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