CRUDE OIL: With resumption of its weakness occurring the past week, Crude Oil looks to weaken further in the days ahead. The 92.00 level comes in as the initial support with a breach of here leaving the risk of a return to the 91.50 level.
A breach of here will turn attention to the 91.00 level followed by the 90.00 level and then the 89.00 level. Its weekly RSI is bearish and pointing lower suggesting further downside.
Resistance is seen at the 94.00 level where a violation will aim at the 98.00 level followed by the 100.00 level where a breach will aim at the 101.50 level. Further out, resistance comes in at the 102.00 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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