Nymex Crude Oil (CL)
Crude oil dives further to as low as 67.89 today and at this point, intraday bias remains on the downside as long as 69.93 minor resistance holds. As discussed before, with daily MACD staying below signal line, and near term trend line support broken decisively, a short term top should be formed at 73.23 already. Further decline could now be seen to 38.2% retracement of 45.44 to 73.23 at 62.61. On the upside, above 69.93 will turn intraday outlook neutral first. But short term risk remains on the downside as long as 72.55 resistance holds.
In the bigger picture, while a short term top might be formed at 73.23, there is no indication that rise from 33.20 has completed yet. Such rise is still in favor to extend to 38.2% retracement of 147.27 to 33.2 at 76.77, and possibly further to next key level of 90, (50% retracement of 147.27 to 33.2 at 90.23) . But as noted before, strong resistance should be seen there and at least from some deep pull back. Though, a break of 54.66 key medium term resistance turned support will argue that whole rise from 33.2 low has indeed completed and will turn outlook bearish for a retest of this low eventually.
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