At this point, crude oil is consolidating below mentioned target of 61.8% projection of 69.50 to 83.16 from 78.56 at 86.92. Intraday bias remains on the upside for the moment and strong rally should be seen to 90 psychological level after taking out 86.92. On the downside, below 85.06 minor support will turn bias neutral and bring consolidations first before staging another rally.
In the bigger picture, the strong break of 83.95 high confirmed that medium term rally from 33.2 has resumed. Nevertheless, there is no change in the view that it's the second wave of the whole correction that started in 2008 at 147.27. Hence, 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, below 78.56 support will be the first signal of topping and will turn focus back to 69.50 support for confirmation.....Nymex Crude Oil Continuous Contract 4 Hours Chart.
Secrets of the 52 Week High Rule
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