CRUDE OIL: Consolidating Below Key Overhead Resistance.
CRUDE OIL: The outlook for Crude Oil still remains to the downside except it takes out the 98.74 level. While that level continues to hold as resistance, the risk is for the commodity to retarget the 96.21 level.
Further down, support stands at the 95.00 level with a breach of here leaving the threat of a return to the 94.00 level on the cards. Conversely, resistance resides at the 98.74 level where a violation will aim at the 100.00 level.
Further out, resistance comes in at the 101.50 level with a cut through here turning attention to the 102.00 level. All in all, Crude Oil may be attempting to recover higher but still retains its broader downside bias in the medium term.
Guest post by FX Tech Strategy
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