Crude Oil: Builds Up On Recovery Higher
|CRUDE OIL: The commodity followed through higher on Friday leaving risk of a move higher towards the 58.53 zone. On the downside, support resides at the 57.00 level where a break will expose the 56.50 level. A cut through here will set the stage for a run at the 56.00 level. Further down, support resides at the 54.50 level. On the upside, resistance resides at the 57.50 level. Further out, resistance comes in at the 58.00 level. A break above here will aim at the 58.50 level and then the 59.00 level followed by the 59.50 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. All in all, CRUDE OIL remains biased to the upside nearer term.
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