CRUDE OIL: Weak And Vulnerable
CRUDE OIL: With Although a sign of price exhaustion is now seen, Crude Oil continues to maintain its broader downside pressure. Support comes in at the 97.12 level where a violation clear the way for a run at the 96.26 level. Further down, support is located at the 95.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on recovery higher, resistance resides at the 99.59 level where a break if seen will aim at the 101.51 level. Above here will pave the way for a run at the 102.89 level. A violation of here will set the stage a for a run at 103.99 level. All in all, Crude Oil remains biased to the downside on further weakness.
Article by www.fxtechstrategy.com
