Nymex Crude Oil (CL)
Crude oil's consolidation from 103.41 is still in progress and intraday bias remains neutral. Deeper decline cannot be ruled out yet. But even in that case, downside should be contained by 92.84 resistance turned support and bring another rise. Above 103.41 will target 100% projection of 64.23 to 92.58 from 83.85 at 112.20 next.
In the bigger picture, medium term rebound from 33.2 is still in progress and is possibly re-accelerating 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