Nymex Crude Oil (CL)
Crude oil rose further to as high as 103.41 so far today just inch below mentioned target of 61.8% retracement of 104.27 to 33.2 at 103.70. Intraday bias remains on the upside for further rally. Sustained trading above 103.70 fibonacci level will target 100% projection of 64.23 to 92.58 from 83.85 at 112.20 next. On the downside, below 98.56 minor support will turn bias neutral and bring consolidations. But downside should be contained by 92.84 resistance turned support and bring rally resumption.
In the bigger picture, medium term rebound from 33.2 is still in progress and is possibly reaccelerating again. Stronger rise should now be seen through 61.8% retracement of 104.27 to 33.2 at 103.70 towards 100% projection of 33.2 to 83.95 from 64.23 at 114.98. Nevertheless, there is no change in the view that such rally is the second wave of the consolidation pattern from that started at 147.27 (2008 high). Hence, we'd start to look for reversal signal again above 114.98 projection level. But after all, 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