CRUDE OIL: While our outlook on Crude Oil remains higher, it will have to break and hold above the 110.55 level, its Mar 02’2012 high to trigger that uptrend. This if it materializes will set the stage for further upside strength towards the 115.00 level and then the 120.00 level. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, on continued downside vulnerability, support lies at 104.35 level where a violation will call for a run at the 103.38 level. Price extension if seen will turn focus to the 104.60 level, its May 11’2011 high and then the 107.00 level. All in all, Crude Oil continues to be biased to the upside medium term but remains vulnerable on correction.
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