CRUDE OIL: Extends Bullish Offensive On Rally

1 December 2016, 21:15
CRUDE OIL: With the commodity rallying for two days in a row, more price extension is likely in the days ahead. On the downside, support resides at the 51.00 level where a break will expose  the 50.00 level. A cut through here will set  the stage for a run at the 49.00 level. Further down, support resides at the 48.00  level. On the upside, resistance resides at the 52.00 level. Further out, resistance  comes in at the 53.00 level. A break above  here will aim at the 54.00 level and then  the 55.00 level followed by the 56.00 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure.  All in all, CRUDE OIL remains biased to the upside on bull pressure.


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