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CRUDE OIL: The commodity weakened further the past week leaving risk of more decline on the cards. Resistance is located at the 41.00 level where a break will expose the 42.00 level. A break below here will aim at the 43.00 level and then the 44.00 level. Above here if seen will open the door for a run at the 45.00 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the downside, support resides at the 39.00 level where a break will expose the 38.00 level followed by the 37.00 level. A cut through here will aim at the 36.00 level. All in all, Crude Oil remains biased to the downside medium term.
