Nymex Crude Oil (CL)
We'd continue to expect further rally in crude oil as long as 90.05 support holds. Crude oil is still in medium term up trend and should be targeting 100 psychological level next. On the downside, below 90.05 support will suggest short term topping but outlook will remain bullish as long as 83.85 support holds.
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