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Crude oil drops to as low as 81.18 so far and remains week. Intraday bias remains on the downside as long as 84.52 minor resistance intact and current decline from 88.63 could extend further towards 61.8% retracement of 70.76 to 88.63 at 77.59. ON the upside, above 84.52 will turn intraday bias neutral and bring recovery. But risk will remain on the downside as long as 88.63 resistance holds.
In the bigger picture, the steeper than expected fall from 88.63 is mixing up the outlook and argue that rise from 64.23 is possibly finished with three waves up to 88.63. In other words, it could be the second wave of consolidation from 87.17 and the third wave might have just started. We'll now slightly favor more decline as long as 88.63 resistance holds. Nevertheless, medium term rise from 33.2 is treated as the second wave of the consolidation pattern that started at 147.27. As long as 64.23 support holds, medium term rise from 33.2 is still in favor to extend to 50% retracement of 147.27 to 33.2 at 90.24 and possibly higher before completion.
Nymex Crude Oil Continuous Contract 4 Hours Chart
Nymex Crude Oil Continuous Contract Daily Chart
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