Written by Oil N' Gold | Tue Aug 11 09 06:01 ET
Nymex Crude Oil (CL)
Consolidation in range of 69.70 and 72.84 continues and intraday outlook in crude oil remains neutral for the moment. Note that below 69.70 will turn intraday bias to the downside for deeper pull back. But after all, we'd expect downside to be contained above 62.70 and bring another rise that eventually send crude oil above 73.38 level. On the upside, sustained break of 73.36/38 key resistance level (100% projection of 58.32 to 68.99 from 62.7 at 73.36) will confirm rally resumption towards 38.2% retracement of 147.27 to 33.2 at 76.77.
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 expected. 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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