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CRUDE OIL: With price extension seen on Wednesday, further downside pressure is likely. On the downside, support lies at the 48.00 level where a break will expose the 47.00 level.

A break will aim at the 46.00 level and then the 45.00 level. A turn below here will open the door for a run at the 44.00 level.

On the upside, resistance resides at the 50.00 level where a break will expose the 51.00 level followed by the 52.00 level where a break will aim at the 53.00 level and then the 54.00 level. All in all, Crude Oil remains broadly biased to the downside medium term.

Crude oil technical analysis February 12 2015

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