CRUDE OIL: The commodity extended its weakness on Friday to close the week lower. It also reversed most of its previous week gains. This development has opened the door for more weakness towards its key support at 43.19 zone. On the downside, support resides at the 42.56 level where a break will expose the 42.00 level. A cut through here will set the stage for a run at the 41.00 level. Further down, support resides at the 40.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 45.50 level. Further out, resistance resides at the 46.00 level. A break above here will aim at the 47.00 level and then the 48.00 level followed by the 49.00 level. All in all, Crude Oil remains biased to the downside with eyes on the 43.19/42.56 zone.
25th April 2016
CRUDE OIL Bull Pressure Sets For The 43.19/42.56 Zone
