Nymex Crude Oil (CL)
Crude oil's rally extended further to as high as 67.68 so far and touches 61.8% retracement of 73.38 to 58.32 at 67.63. At this point, intraday bias remains on the upside as long as 64.62 minor support holds. Break of 66.25 key near term resistance argues that whole fall from 73.38 has completed already and further rise could now be seen to 73.38 high next. On the downside, below 64.62 will turn intraday outlook neutral first.
In the bigger picture, the stronger then expected rebound from 58.32 dampens the bearish view that whole rise from 33.2 has completed at 73.38. Also, considering that crude oil is still trading inside medium term rising channel despite earlier brief break, rise from 33.2 might indeed be in progress. Focus will now turn to 73.83 for confirmation. On the downside, break of 58.32 low is now needed to revive the case that crude oil has topped out.
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