CRUDE OIL: With Crude Oil remaining bullish and pointing higher, the risk is for continued recovery higher to occur in the new week. Resistance comes in at the 101.00 level with a loss of there setting the stage for a run at the 102.93 level.
A violation of this level if seen will create scope for more upside towards the 103.50 level with a turn above here extending further strength towards the 104.50 level and then the 105.00 level. Its weekly RSI is bullish and pointing higher suggesting further bullishness.
On the downside, support comes in at the 99.00 level with a cut through here turning attention to the 98.00 level and then the 96.21 level.
Further down, support stands at the 95.00 level with a breach of here leaving the threat of a return to the 94.00 level on the cards. All in all, Crude Oil remains biased to the upside in the short term.
Guest post by FX Tech Strategy
