CRUDE MADE BREAKOUT ABOVE $107 N 4770.. ON MCX.. NOW 4806 IT might SEE 4830-40 Means.. $108.5 ON CME.. LETS SEE NOW N TRADE..
Nymex Crude Oil (CL)
Intraday bias in Crude oil remains neutral for the moment. Note that consolidation from 106.95 would still extend further and below 101.43 will bring another fall. But in such case, downside is expected to be contained by 95.62 cluster support (50% retracement of 83.85 to 106.95 at 95.40) and finally bring rally resumption. On the upside, decisive break of 106.95 will confirm up trend resumption for 100% projection of 64.23 to 92.58 from 83.85 at 112.20.
In the bigger picture, medium term rebound from 33.2 is still in progress and stronger rise should be seen towards 100% projection of 33.2 to 83.95 from 64.23 at 114.98. Nevertheless, there is no change in the view that such rally is the second wave of the consolidation pattern from that started at 147.27 (2008 high). Hence, we'd start to look for reversal signal again above 114.98 projection level. But after all, 83.85 support is needed to be the first sign of medium term reversal and break of 64.23 is needed to confirm. Otherwise, outlook will remain bullish.
Nymex Crude Oil Continuous Contract 4 Hours Chart
Nymex Crude Oil Continuous Contract Daily Chart
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