Written by Oil N' Gold | Tue Jun 30 09 06:29 ET
Nymex Crude Oil (CL)
Crude oil soars to as high as 73.38 today so far and the break of 73.23 high indicates that recent up trend is resuming. Further rise should now be seen as long as 48.45 support holds, targeting 38.2% retracement of 147.27 to 33.2 at 76.77 next. However, a break below 68.45 will open up a few short term bearish case that should at least bring a retest of 66.25 support.
In the bigger picture, rise from 33.20 is still in progress and there is no confirmation that it's completed yet. Though, note that daily MACD's break of its up trend line provides a signal that such up trend is near to the end. Hence, we'd continue to monitor loss of up side momentum as crude oil approaches 38.2% retracement of 147.27 to 33.2 at 76.77. On the downside, break of 66.25 support will be an important indication that crude oil has topped out and will turn focus to 45.44/54.66 support zone for confirmation.
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