CRUDE OIL: Risk Turns Higher On Trend Resumption

18 May 2017, 17:47

CRUDE OIL: With the commodity threatening further upside, more strength is likely in the days ahead. 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. On the upside, resistance resides at the 49.00 level. Further out, resistance  comes in at the 49.50 level. A break above  here will aim at the 50.00 level and then  the 50.50 level followed by the 51.00 level. All in all, CRUDE OIL remains biased to the upside on further correction

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