CRUDE OIL: With the commodity remaining weak and vulnerable to the downside, further weakness is expected.
This leaves the risk of a return to the 95.95 level on the cards. A breach of here will turn attention to the 95.00 level followed by the 94.00 level and then the 93.00 level. Its daily RSI is bearish and pointing lower suggesting further downside.
Resistance is seen at the 98.29 level where a violation will aim at the 100.00 level followed by the 101.00 level where a breach will aim at the 101.50 level.
Further out, resistance comes in at the 102.00 level with a cut through here turning attention to the 103.00 level. All in all, Crude Oil remains biased to the downside in the medium term.
Guest post by FX Tech Strategy
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