With 4 hours MACD staying below signal line, intraday bias in crude oil remains neutral. Consolidations from 83.16 is possibly still in progress and another fall might be seen to 38.2% retracement of 69.50 to 83.16 at 77.94. But downside will likely be contained there and bring another rise. On the upside, decisive break will confirm rally resumption for 83.95 high next.
In the bigger picture, crude oil is still trading well inside medium term rising channel and the rise from 33.2 might still be in progress. Nevertheless, as such rise from 33.2 is treated as a correction to whole decline from 147.27 only, even in case of another high above 83.95, we'd continue to expect strong resistance near to 50% retracement of 147.27 to 33.2 at 90.24 to bring reversal. On the downside, though, break of 69.50 support will now indicate that crude oil has topped out in medium term already and turn outlook bearish.....Nymex Crude Oil Continuous Contract 4 Hours Chart.
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