Nymex Crude Oil (CL)

Crude oil's break of 76.16 support suggests that rise from 71.09 is finished at 79.69 already. Intraday bias is flip back to the downside for 71.09 support. Break will indicate that whole rebound from 64.23 has completed too. On the upside, though, above 79.69 will bring another rise to 80.53 resistance and above.

In the bigger picture, there is no change in the view that rise from 64.23 is 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

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