Nymex Crude Oil (CL)
Crude oil’s fall from 75.0 extends further and is now pressing near term trend line support. At this point, intraday bias remains on the downside. Sustained break of the trend line will affirm the case that whole rise from 58.32 has indeed ended at 75.0 already and turn focus to 65.23 support. Further break there will confirm and target 58.32 support next. On the upside, above 71.60 will flip intraday bias back to the upside for a test on 75.0 again and probably bring rally resumption to next long term fibonacci resistance at 76.77 (38.2% retracement of 147.27 to 33.2).
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.
Nymex Crude Oil Continuous Contract 4 Hours Chart
Nymex Crude Oil Continuous Contract Daily Chart
