Nymex Crude Oil (CL)
Crude oil’s fall extends further to as low as 65.60 so far, inch above mentioned target of 65.23 cluster support (100% projection of 75.0 to 67.05 from 73.16 at 65.21). Intraday bias remains on the downside with 68.02 minor resistance intact. Break of 65.21/23 will target 58.32 key medium term support next. On the upside, above 68.02 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, the break of 67.05 support, confirms that fall from 75.0 has resumed. Also, this, together with with sustained trading below 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 support 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
