CRUDE OIL: With Crude Oil’s strength cut short at the 102.64 during Wednesday trading, its faces downside risk in the days ahead. On the downside, support lies at the 101.15 level where a violation will turn focus to the 100.00 level. A cut through here will pave the way for a run at the 99.00 level where a breach will aim at the 98.00 level. Further down, support comes in at the 97.00 level with a push below that level exposing the 96.00 level. On the upside, resistance resides at the 102.64 level. A break will aim at the 102.94 level followed by the 103.00 level and then the 104.98 level. We may see a price halt here but if taken out, resistance is seen at the 105.21 level, its Feb 2014 high. All in all, Crude Oil remains biased to the upside but faces corrective weakness threats
CRUDE OIL: With Crude Oil’s strength cut short at the 102.64 during Wednesday trading, its faces downside risk in the days ahead. On the downside, support lies at the 101.15 level where a violation will turn focus to the 100.00 level. A cut through here will pave the way for a run at the 99.00 level where a breach will aim at the 98.00 level. Further down, support comes in at the 97.00 level with a push below that level exposing the 96.00 level. On the upside, resistance resides at the 102.64 level. A break will aim at the 102.94 level followed by the 103.00 level and then the 104.98 level. We may see a price halt here but if taken out, resistance is seen at the 105.21 level, its Feb 2014 high. All in all, Crude Oil remains biased to the upside but faces corrective weakness threats
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