CRUDE OIL: Crude Oil continues to hold on to its broader downside bias as it looks to weaken further towards the 92.51 level. This leaves the risk of a return to the 92.00 level on the cards. 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 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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