Crude oil: Broader Bias Remains Lower

ANALYSIS | 01/14/2016 04:49:33 GMT

CRUDE OIL: Having continued to maintain its bearishness, CRUDE OIL broader bias remains lower. On the downside, support resides at the 30.00 level where a break will expose the 29.00 level. A cut through here will set the stage for a run at the 28.00 level. Further down, support resides at the 27.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 31.00 level. Further out, resistance resides at the 32.00 level. A break above here will aim at the 33.00 level and then the 34.00 level followed by the 35.00 level. All in all, CRUDE OIL broader bias remains lower on further weakness.

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