Crude oil's decline from 44.21 was contained above 37.67 minor support and rebounds strongly. With 4 hours MACD crossed above signal line, such retreat has possible completed. Intraday outlook remains neutral. On the upside, above 44.21 will suggest that whole rebound from 33.55 is still in progress towards upper end of recent range near to 50.47. But after all, note that current rebound from 33.55 is being treated as part of the sideway consolidation that started at 34.98. Hence, upside should be limited by 50.47 and bring medium term down trend resumption. But upside is still expected to be limited there and bring down trend resumption. On the downside, below 37.67 will finally confirm that rebound from 33.55 has completed and will bring retest of 33.55 low first In the bigger picture, while, downside momentum is clearly diminishing with bullish convergence condition in daily MACD, there is no indication of a bottom yet. Price actions from 43.98 is still treated as sideway consolidation in the medium term down trend only. Break of 33.55 will suggest decline resumption towards long term trend line support (monthly semi-log chart) at 27 level or lower. . However, note that we'll continue to look for reversal signal as crude oil enter into 17.12/33.5 key long term support zone.
