CRUDE OIL: With a follow-through higher on the back of its Tuesday gains seen on Wednesday, further bullish offensive is likely. Further out, resistance resides at 103.50 level, its psycho level where a violation will aim at the 104.00 level, its psycho level and then the 104.37 level, its Oct 03 2014 high. A push through here will aim at the 105.00 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, support comes in at the 102.50 level where a break will aim at the 102.00 level. On continued weakness, support resides at the 101.37 level, its Feb 12 2014 high and then the 100.74 level, its Dec 27 2013 high. These levels are expected to reverse roles as supports thus turning the commodity back. But if broken, the 100.00 level will be targeted followed by the 99.40 level, its Feb 13 2014 low. All in all, Crude Oil remains biased to the upside on further bullish offensive.
CRUDE OIL: With a follow-through higher on the back of its Tuesday gains seen on Wednesday, further bullish offensive is likely. Further out, resistance resides at 103.50 level, its psycho level where a violation will aim at the 104.00 level, its psycho level and then the 104.37 level, its Oct 03 2014 high. A push through here will aim at the 105.00 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, support comes in at the 102.50 level where a break will aim at the 102.00 level. On continued weakness, support resides at the 101.37 level, its Feb 12 2014 high and then the 100.74 level, its Dec 27 2013 high. These levels are expected to reverse roles as supports thus turning the commodity back. But if broken, the 100.00 level will be targeted followed by the 99.40 level, its Feb 13 2014 low. All in all, Crude Oil remains biased to the upside on further bullish offensive.
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