CRUDE OIL: Bullish On Corrective Recovery


CRUDE OIL: With Crude Oil reversing its previous week losses to close higher at the end of the week, further bull pressure is expected.

Resistance comes in at the 100.63 level with a loss of here paving the way for a run at the 101.50 level. A violation of this level will create scope for more upside towards the 102.00 level with a turn above here extending further upside towards the 103.00 level and then the 104 level. Its weekly RSI is bullish and pointing higher supporting this view.

On the downside, support comes in at the 96.21 level where a violation will aim at the 95.00 level with a breach of here leaving the threat of a return to the 94.00 level on the cards.

All in all, Crude Oil remains biased to the upside corrective recovery.

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