CRUDE OIL: With the commodity bearish following a reversal of its Tuesday gains to close lower on Wednesday, further weakness cannot be ruled. Support comes in at 95.63 level where a breach will bring further downside towards the 94.00 level.
Further down, support lies at the 92.00 level with a breach of here leaving the risk of a return to the 91.50 level. Its daily RSI has turned lower supporting its present bearish tone.
Conversely, resistance resides at the 98.85 level and then the 100.00 level where a breach will aim at the 101.50 level.
Further out, resistance comes in at the 102.00 level. All in all, Crude Oil remains biased to the downside on price failure.
Guest post by FX Tech Strategy
