Oilngold
At this moment, intraday bias in Crude oil remains on the upside as long as 55.3 minor support holds. Current rise from 43.83, which is part of the whole rally from 33.2, is expected to extend further to 60 psychological level, which is close to 23.6% retracement of 147.27 to 33.2 at 60.12. On the downside, below 55.30 minor support will turn intraday outlook neutral and bring consolidation. But pull back should be contained above 50.6 support and bring rally resumption.
In the bigger picture, the possible five wave structure of the rise from 33.2 and the sustained trading above 55 days EMA is consistent with the view that fall from 147.27 has completed at 33.2. Medium term outlook will now remain bullish as long as 43.83 support holds and crude oil is set to take on next key resistance of 55 weeks EMA at 67.94 and 55 months EMA at 68.72.
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