Crude oil climbs further to as high as 82.95 so far today and at this point, intraday bias is cautiously on the upside for 83.16 resistance. Break there will confirm that whole rally from 69.5 has resumed and should target a test on 83.95 high next. On the downside, below 81.77 minor support will turn intraday bias neutral again and argue that consolidations from 83.16 is still in progress. But after all, we'd still expect downside to be contained by 38.2% retracement of 69.50 to 83.16 at 77.94 and bring another rise.
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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