CRUDE OIL: Halts Weakness, Eyes Higher Prices

8 May 2017, 02:09
CRUDE OIL: With the commodity halting its weakness to close higher on a rejection candle on Friday, further bullishness is likely. On the downside, support resides at the 46.00 level where a break will expose  the 45.50 level. A cut through here will set  the stage for a run at the 45.00 level. Further down, support resides at the 44.50  level. On the upside, resistance resides at the 47.00 level. Further out, resistance  comes in at the 47.50 level. A break above  here will aim at the 48.00 level and then  the 48.50 level followed by the 52.00 level. All in all, CRUDE OIL remains biased to the upside on correction

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