Nymex Crude Oil (CL)
Crude oil's break of 73.36 high confirms that medium term rally has resumed. At this point, intraday bias remains on the upside for further rally towards 38.2% retracement of 147.27 to 33.2 at 76.77 next. On the downside, below 71.64 will turn intraday outlook neutral first. But short term outlook will remain bullish as long as 65.23 support holds.
In the bigger picture, medium term rally from 33.2 is still in progress. But after all, such rise is treated as correction to whole fall from 147.27. Hence, strong resistance is expected to be seen between 76.77/90.24 fibo resistance zone (38.2% and 50% retracement of 147.27 to 33.2) and bring reversal finally. On the downside, below 65.23 support will be an early signal that crude oil has already topped out and will turn focus to 58.32 medium term support for confirmation.
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