CRUDE OIL: The commodity’s outlook remains lower as it closed lower at the end of week, opening the door more declines towards the 81.21 level. A break of here will call for a run at its Oct 2011 low at 77.40 level with a violation extending further declines towards the 76.45 level. Its weekly RSI is bearish and pointing lower suggesting further declines. On the upside, in order for Crude Oil to halt its broader weakness and trigger a meaningful recovery, it will have to break and hold above the 96.16 level. Above here will turn attention to the 100 level and then the 102.31 level. All in all, Crude Oil continues to maintain its medium term downside bias.
Discover how our Daily Forex Research Trusted by Over 3,000 Traders can help you make easy and smart trading decisions.
