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.
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.
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