CRUDE OIL: Loses Recovery Tone, Targets The 93.36/30 Levels
January 20, 2014 6:22 pm
CRUDE OIL: With Crude Oil’s two-week recovery halted due to consolidation threats, the risk remains to the downside. Its present bear tone is suggestive of more declines with a push lower likely towards the 93.36/00 level, represent its Jan 102014/psycho level. Below here if seen will pave the way for a run at the 92.43 level, its Jan 15 2014 level. Further down, support comes in at the 91.24 level where a break will set the stage for more downside towards the 90.00 level. Its daily RSI has turned lower suggesting bearishness. Conversely, to annul its current weakness it will have to recapture the 94.96 level, its Jan 17 2014 high. This if seen will create scope for more gains towards its Jan 03 2014 high at 95.73 level and subsequently the 96.50 level. All in all, Crude Oil remains biased to the downside in the medium term while holding below its falling trendline.
CRUDE OIL: With Crude Oil’s two-week recovery halted due to consolidation threats, the risk remains to the downside. Its present bear tone is suggestive of more declines with a push lower likely towards the 93.36/00 level, represent its Jan 102014/psycho level. Below here if seen will pave the way for a run at the 92.43 level, its Jan 15 2014 level. Further down, support comes in at the 91.24 level where a break will set the stage for more downside towards the 90.00 level. Its daily RSI has turned lower suggesting bearishness. Conversely, to annul its current weakness it will have to recapture the 94.96 level, its Jan 17 2014 high. This if seen will create scope for more gains towards its Jan 03 2014 high at 95.73 level and subsequently the 96.50 level. All in all, Crude Oil remains biased to the downside in the medium term while holding below its falling trendline.
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