Nymex Crude Oil (CL)
Outlook in crude oil remains neutral for the moment. Considering that the 75.0 was close to an important long term fibonacci resistance at 76.77 (38.2% retracement of 147.27 to 33.2) and some loss of momentum as seen in 4 hours MACD, crude oil might have topped out already. Break of trend line support (now at 67.29) will solidify this case and flip intraday bias back to the downside for 65.23 support for confirmation. However, as long as the trend line support holds, another rise cannot be ruled out. Above 75.0 will target 76.77 fibo level next.
In the bigger picture, there is no change in the view that rise from 33.2 is a correction to whole down trend form 147.27. Hence, strong 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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