CRUDE OIL: With Crude Oil strengthening and breaking through the 100.15/25 levels, scope is now created for more upside in the days ahead. As long as the mentioned support zone holds, further bullish offensive is likely. Resistance resides at the 102.89 level where a break will aim at the 103.54 level. Further out, resistance resides at the 105.21 level, its Feb 2014 high. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 100.25/15 levels. A reversal of roles as support is expected towards the 98.80 level. A cut through here will open the door for more decline towards the 97.00 level. Further down, support comes in at the 96.26 level followed by the 95.00 level. All in all, Crude Oil remains biased to the upside in the short term.
CRUDE OIL: With Crude Oil strengthening and breaking through the 100.15/25 levels, scope is now created for more upside in the days ahead. As long as the mentioned support zone holds, further bullish offensive is likely. Resistance resides at the 102.89 level where a break will aim at the 103.54 level. Further out, resistance resides at the 105.21 level, its Feb 2014 high. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 100.25/15 levels. A reversal of roles as support is expected towards the 98.80 level. A cut through here will open the door for more decline towards the 97.00 level. Further down, support comes in at the 96.26 level followed by the 95.00 level. All in all, Crude Oil remains biased to the upside in the short term.
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