CRUDE OIL: Vulnerable Short Term

3 May 2017, 14:32
CRUDE OIL: With the commodity remaining weak and vulnerable , more decline is expected in the days ahead.  Though with caution. On the downside, support resides at the 48.00 level where a break will expose  the 47.50 level. A cut through here will set  the stage for a run at the 47.00 level. Further down, support resides at the 46.50  level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 50.00 level. Further out, resistance  comes in at the 50.50 level. A break above  here will aim at the 51.00 level and then  the 51.50 level followed by the 52.00 level. All in all, CRUDE OIL remains biased to the downside.

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