CRUDE OIL: Reverses Gains, Faces Downside Pressure Risk
CRUDE OIL: With Crude Oil reversing its intra day gains to close lower during Wednesday trading session, it faces the risk of further downside pressure. Immediate support lies at the 102.00 level where a break will set the stage for more weakness towards the 101.50 level. Below here will expose the 101.00 level. Further down, support comes in at the 100.50 level where a break will expose its big psycho level at the 100.00 level. On the upside, resistance resides at the 103.67 level with a cut through here turning attention to the 104.49 level. A break will pave the way for a run at the 104.98 level. If this level is broken, expect more gains should occur towards the 105.27 level. All in all, Crude Oil remains biased to the downside in the short term
CRUDE OIL: With Crude Oil reversing its intra day gains to close lower during Wednesday trading session, it faces the risk of further downside pressure. Immediate support lies at the 102.00 level where a break will set the stage for more weakness towards the 101.50 level. Below here will expose the 101.00 level. Further down, support comes in at the 100.50 level where a break will expose its big psycho level at the 100.00 level. On the upside, resistance resides at the 103.67 level with a cut through here turning attention to the 104.49 level. A break will pave the way for a run at the 104.98 level. If this level is broken, expect more gains should occur towards the 105.27 level. All in all, Crude Oil remains biased to the downside in the short term
