At this moment, intraday bias in crude oil remains on the upside with 52.39 minor support intact. As mentioned before, sustained break of 54.66 resistance will confirm that whole rally from 33.2 has resumed and should target 60 psychological level, which is close to 23.6% retracement of 147.27 to 33.2 at 60.12. On the downside, below 52.39 minor support will turn intraday outlook neutral first and bring retreat.
But downside should be contained above 48.00 support and bring rise resumption.In the bigger picture, a medium term bottom should be in place at 33.2 with bullish convergence conditions in daily MACD and RSI. Current development favors strong rebound towards 55 weeks EMA at 68.29. However, failure at this current level, followed by break of 41.6 fibo support, will argue that rise from 33.2 is just part of a medium term sideway consolidation pattern, with another down leg just in the beginning.
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