CRUDE OIL Broader Bias Remains Lower


CRUDE OIL: Despite its Thursday flat close, Crude Oil remains biased to the downside medium term. This leaves the risk of a return to the 95.95 level.

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.

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