Nymex Crude Oil (CL)
At this point, intraday bias in crude oil remains on the upside with 71.75 minor support intact. Medium term rise from 33.2 is still in progress and is set to continue to key long term fibonacci resistance at 76.77 (38.2% retracement of 147.27 to 33.2) next. On the downside, below 71.75 minor support will turn intraday outlook neutral first and bring consolidation. But short term outlook will remain bullish as long as 65.23 support holds.
In the bigger picture, recent development indicates that rise from 33.2 is still in progress. Nevertheless, there is no change in the view that such rise from 33.2 is a correction to whole down trend form 147.27. Hence, stronger resistance is expected as crude oil enters into 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, break of 65.23 support will now be an important signal that crude oil has already topped out and will turn focus back to 58.32 key support for confirmation.
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