CRUDE OIL: Bearish, Looks To Weaken Further
CRUDE OIL: Having turned lower on Wednesday following its Tuesday price failure, further downside is likely. On the upside, resistance resides at the 52.00 level where a break will expose the 53.00 level followed by the 54.00 level where a break will aim at the 55.00 level and then the 56.00 level. Conversely, support lies at the 50.00 level where a break will expose the 49.00 level. A break will aim at the 48.00 level and then the 47.00 level. A turn below here will open the door for a run at the 46.00 level. All in all, Crude Oil remains broadly biased to the downside medium term.