Intraday bias in crude oil remains neutral for the moment as consolidations from 87.09 continues. Deeper retreat cannot be ruled out but downside should be contained by 61.8% retracement of 78.56 to 87.09 at 81.82 and bring rally resumption. Above 87.09 will target 90 psychological level next.
In the bigger picture, medium term rise from 33.2 is still in progress and could extend further higher. 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.
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