Nymex Crude Oil (CL)

With 76.16 minor support intact, further rise could still be seen in crude oil, towards 80.53 resistance (61.8% projection of 64.23 to 79.37 from 71.09 at 80.48). On the downside, below 76.16 will flip intraday bias back to the downside for 71.09 support. Break there will indicate that rebound from 64.23 is completed.

In the bigger picture, while rise from 64.23 is still in progress, there is no change in the view that it's a correction to fall from 87.15 only. Hence, even in case of further rally, we'd expect strong resistance below 87.15 high and bring reversal. On the downside, break of 71.09 will be the first signal that whole fall from 87.15 is resuming for another low below 64.23 towards 50% retracement of 33.2 to 87.15 at 60.18