CRUDE OIL: Although Crude Oil remains biased to the upside in the short term, it now faces the risk of a pullback. This view is consistent with its rejection candle printed (daily chart) the past week. Though trading almost flat during Monday trading session, that pullback looks to have been triggered. Support lies at the 100.15/28 levels where a reversal of roles is likely to occur but if violated, further weakness will aim at 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. On the upside, resistance resides at the 102.22/89 levels where a break will aim at the 103.54 level. Further out, resistance resides at the 105.21 level, its Feb 2014 high. All in all, Crude Oil remains biased to the upside in the short term but faces corrective risks.
CRUDE OIL: Although Crude Oil remains biased to the upside in the short term, it now faces the risk of a pullback. This view is consistent with its rejection candle printed (daily chart) the past week. Though trading almost flat during Monday trading session, that pullback looks to have been triggered. Support lies at the 100.15/28 levels where a reversal of roles is likely to occur but if violated, further weakness will aim at 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. On the upside, resistance resides at the 102.22/89 levels where a break will aim at the 103.54 level. Further out, resistance resides at the 105.21 level, its Feb 2014 high. All in all, Crude Oil remains biased to the upside in the short term but faces corrective risks.
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