Nymex Crude Oil (CL)
Crude oil continues to hover in tight range above 65.23 support today and still, intraday bias remains mildly on the downside as long as 67.02 minor resistance holds. Sustained break of trading below 65.23 cluster support (100% projection of 75.0 to 67.05 from 73.16 at 65.21) will target 161.8% projection at 60.30 next, which is close to next psychological level of 60. On the upside, above 67.02 will turn intraday outlook neutral and bring consolidation, but rebound should be limited below 71.77 resistance and bring fall resumption.
In the bigger picture, sustained trading below medium term trend line support solidifies that case that medium term rebound from 33.2, which is treated as correction whole down trend form 147.27, has completed at 75.0 on bearish divergence conditions in daily MACD and RSI. Further break of 58.32 cluster support (38.2% retracement of 33.2 to 75.0 at 59.03) will confirm this case and pave the way for a retest of 33.2 low. On the upside, break of 71.77 resistance is needed to invalidate this view. Otherwise, outlook will remain bearish.
Nymex Crude Oil Continuous Contract 4 Hours Chart
Nymex Crude Oil Continuous Contract Daily Chart