Nymex Crude Oil (CL)
Crude oil's fall extends further today and break of 68.45 support confirms that rise from 66.25 has completed. Intraday bias is flipped back to the downside and further fall should be seen to test 66.26 support. Note that sustained break there will be an important signal of double top reversal pattern (73.23, 73.38) and will indicate that Crude oil has already topped out. In such case, short term outlook will be turned bearish and we'd anticipate at least a test trend line support (now at 59.12). On the upside, above 69.79 will turn intraday outlook neutral and suggest that price actions from 73.23 are probably sideway consolidation rather then reversal.
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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