CRUDE OIL: With failed bull pressure seeing Crude Oil selling off during Thursday’s trading session, further weakness could still be developing. However, as long as it can hold above the 101.37 level, its Feb 12 2014 high, a return to the upside is likely. Further out, resistance comes in 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. On the downside, if it eventually takes our the 101.37 level, further decline could occur towards the 100.74 level, its Dec 27 2013 high. This level is expected to reverse roles as support thus turning the commodity back up. But if broken, the 100.00 level will be targeted ahead of the 99.40 level, its Feb 13 2014 low. All in all, Crude Oil remains biased to the upside medium.
CRUDE OIL: With failed bull pressure seeing Crude Oil selling off during Thursday’s trading session, further weakness could still be developing. However, as long as it can hold above the 101.37 level, its Feb 12 2014 high, a return to the upside is likely. Further out, resistance comes in 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. On the downside, if it eventually takes our the 101.37 level, further decline could occur towards the 100.74 level, its Dec 27 2013 high. This level is expected to reverse roles as support thus turning the commodity back up. But if broken, the 100.00 level will be targeted ahead of the 99.40 level, its Feb 13 2014 low. All in all, Crude Oil remains biased to the upside medium.
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