Nymex Crude Oil (CL)Break of 67.02 minor resistance indicates that an intraday low is in place at 65.05 and some consolidation could now be see.
Nevertheless, recovery is expected to be limited well below 71.11 resistance an bring fall resumption. Below 65.05 will target 161.8% projection of 75.0 to 67.05 from 73.16 at 60.30 next, which is close to next psychological level of 60.
In the bigger picture, sustained trading below medium term trend line support solidifies that case that medium term rebound from 33.2, which is treated as correction whole down trend form 147.27, has completed at 75.0 on bearish divergence conditions in daily MACD and RSI. Further break of 58.32 cluster support (38.2% retracement of 33.2 to 75.0 at 59.03) will confirm this case and pave the way for a retest of 33.2 low. On the upside, break of 71.77 resistance is needed to invalidate this view. Otherwise, outlook will remain bearish.
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