CRUDE OIL Remains On Bullish Offensive With Eyes On 50.90

26 May 2016, 13:15

CRUDE OIL: The commodity continues to hold on to its upside pressure leaving risk of more strength on the cards. This development now leaves risk higher its overhead resistance located at the 50.90 level. On the downside, support resides at the 49.00 level where a break will expose the 48.00 level. A cut through here will set the stage for a run at the 47.00 level. Further down, support resides at the 46.00 level. On the upside, resistance resides at the 50.00 level. Further out, resistance comes in at the 51.00 level. A break above here will aim at the 52.00 level and then the 53.00 level followed by the 54.00 level. Its daily RSI is bullish and pointing higher suggesting further bullishness. All in all, CRUDE OIL’s medium term bias remains higher. 


Share it with friends: