Written by Oil N' Gold | Tue Jun 23 09 06:41 ET
Nymex Crude Oil (CL)
Crude oil fell further to as low as 66.25 before turning sideway. At this point, intraday bias remains on the downside as long as 67.83 minor resistance holds. As discussed before, a short term top should be formed at 73.32 and deeper decline should bow be seen to 38.2% retracement of 45.44 to 73.23 at 62.61 next. On the upside, above 67.83will 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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