Nymex Crude Oil (CL)
Crude oil's rebound extended further but after all it's still kept below 72.90 resistance. Intraday bias remains neutral for the moment. As noted below 72.90 will suggest that recent rise in crude oil is still in progress and further rally could then be seen to retest 75.0 resistance next. On the downside, below 68.02 will reaffirm the case that crude oil has topped out at 75.0 and will bring deeper fall to 65.23 for confirmation.
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. Question remains on whether such rally has completed at 75.0 already. Crude oil is now at important medium term trend line support. Sustained trading below will be the first alert that such rise has finished. Break of 58.32 will confirm this case and turn outlook bearish for 33.2 low next. On the upside, while another rise cannot be ruled out for the moment, 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.
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