CRUDE OIL: With the commodity reversing its intra day gains during Wednesday trading session, it faces the risk of further downside pressure. On further weakness, support comes in at the 102.94 level where a breach will aim at the 102.04 level. A cut through here will target the 100.68 level with a push below here if seen will expose the 99.93 level with a violation targeting the 99.81 level. Further down, supports are seen at the 98.86 level and then the 98.00 level. Conversely, resistance comes in at the 104.98 level. A breach of here will pave the way for a run at the 105.21 level, its Feb 2014 high. Further out, resistance resides at the 106.00 level and then the 107.00 level. All in all, Crude Oil remains biased to the upside short term but faces corrective weakness risks.
Article by www.fxtechstrategy.com