CRUDE OIL: Extends Weakness, Eyes Further Downside Pressure
4 August 2015, 04:56
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CRUDE OIL: Extends Weakness, Eyes Further Downside Pressure
CRUDE OIL: With outlook for the commodity continuing to point lower, further weakness remains on the cards. This development leaves Crude Oil targeting support located at the 45.00 level where a break will expose the 44.00 level. A break below here will aim at the 43.00 level and then the 42.00 level. Below here will open the door for a run at the 41.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance resides at the 46.00 level where a break will expose the 47.00 level followed by the 48.00 level. A cut through here will aim at the 49.00 level. All in all, Crude Oil remains biased to the downside medium term.
