Nymex Crude Oil (CL)
Crude oil's fall from 72.84 is still in progress and further decline should now be seen towards 62.70 support after 69.70 was taken out. Nevertheless, as long as 62.70 holds, we'd still favor another rise that should eventually send crude oil through 73.38 resistance. Above 71.32 minor resistance will flip intraday bias back to the upside. However, note that break of 62.70 will in turn indicate that rise from 58.32 has completed and deeper fall should then be seen to retest this key near term support.
In the bigger picture, with crude oil staying inside medium term rising channel, we're still favoring the case that whole rise from 33.2 is still in progress. Hence, another rise rise towards 38.2% retracement of 147.27 to 33.2 at 76.77 is in favor. But after all, strong resistance is expected as crude oil enters into 76.77/90.24 fibo resistance zone and bring reversal finally. On the downside, break of 62.70 support will argue that crude oil has possibly topped out earlier than we thought and break of 58.32 support will now be an important signal that rise from 33.2 has completed.
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