CRUDE OIL: Bearish, Sets Up To Weaken Further.

CRUDE OIL: Bearish, Sets Up To Weaken Further.

CRUDE OIL: The commodity continues to weaken, leaving the risk of further downside expected in the new week. Support lies at the 102.00 level followed by the 101.00 level. A violation of here will aim at the 100.00 level and then the 99.00 level, its key psycho level. Its weekly RSI is bearish and pointing lower supporting this view. Resistance is seen at the 104.00 level followed by the 105.50 level where a violation will aim at the 106.50 level. Further out, resistance comes in at the 108.00 level with a cut through targeting the 100.00 level. All in all, Crude Oil remains biased to the downside

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