Nymex Crude Oil (CL)

With daily MACD crossed below signal line, Crude oil's rebound from 64.23 might have finished with three waves up to 82.97 already. Intraday bias remains cautiously on the downside for 75.90 support first. Break will affirm this case and target 71.09 support for confirmation. On the upside, above 79.20 minor resistance will turn intraday bias neutral and bring recovery. But risk will now remain on the downside as long as 82.97 resistance holds.

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