Nymex Crude Oil (CL)
Admittedly, there isn't any following through buying in crude oil after break of 51.69 resistance. Nevertheless, favor is still on the upside with 48.55 support intact. Corrective fall from 54.66 could have completed already and further rise should be seen to retest this resistance. Break will confirm that whole rally from 33.55 has resumed for 60 psychological level, which is close to 23.6% retracement of 147.27 to 33.5 at 60.34. On the downside, however, below 48.55 support will argue that consolidation from 54.66 is extending further before completion. But downside should be contained by 61.8% retracement of 33.55 to 54.66 at 41.66 and bring strong rebound.
In the bigger picture, a medium term bottom is possibly already in place at 33.55 with bullish convergence condition in daily MACD. It's uncertain on how price actions from 33.55 will develop into, be it a strong rally or sideway trading. But after all, with 41.66 fibo support intact, we're favoring the case of strong rally to 55 week EMA at 68.85 first, with prospect of extending to 38.2% retracement of 147.27 to 33.55 at 76.99 next. However, failure at the current level, followed by break of 41.66 fibo support will revive that case that rise from 33.55 is just part of a medium term sideway consolidation pattern and will put 33.55 low back into focus.
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