Crude oil rebounds strongly after dipping to 78.57 and the break of 80.94 minor resistance argues that consolidation from 83.16 is possibly completed at 78.57 already. Intraday bias is flipped back to the upside for retesting 83.16 first, break will confirm rally resumption to retest 83.95 high. In case of another fall, downside is still expected to be contained by 38.2% retracement of 69.50 to 83.16 at 77.94. However, note that sustained trading below 77.94 fibo level will argue that rise from 69.50 is completed and deeper fall would possibly be seen to retest this support.
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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