Nymex Crude Oil (CL)

Intraday bias in crude oil remains neutral and consolidations from 74.86 might continue. But after all, upside should be limited by 77.87 resistance and bring another fall. Below 74.86 will target 71.09 support first. Break there will confirm that whole rebound from 64.23 has finished at 82.97 already and will bring deeper fall to retest this low.

In the bigger picture, choppy rebound from 64.23 is treated as a correction to fall from 87.15 only and has possibly finished at 82.97 already. Break of 71.09 will affirm this case and indicate that whole fall from 87.15 is resuming for 60 psychological level, (50% retracement of 33.2 to 87.15 at 60.18, 100% projection of 87.15 to 64.23 from 82.97 at 60.05). Decisive break there will indicate that fall from 87.15 is developing into a powerful impulsive wave and would target 33.2 low. On the upside, even in case of another rise, focus will remain on reversal signal as crude oil enters into resistance zone of 82.97/87.15.

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