Crude oil rises to as high as 84.70 so far today and the decisive break of 83.16 confirms that rise from 69.50 has resumed. Intraday bias remains on the upside and further rally should be seen to 61.8% projection of 69.50 to 83.16 from 78.56 at 86.92 next. On the downside, below 82.36 minor support will turn intraday bias neutral first. But after all, break of 78.56 support is needed to be the first sign of topping. Otherwise, outlook will remain bullish.
In the bigger picture, crude oil is still trading well inside medium term rising channel and the rise from 33.2 is still in progress. Nevertheless, as such rise from 33.2 is treated as a correction to whole decline from 147.27 only, 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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