CRUDE OIL: The commodity may have closed lower the past week and reversed most of its previous week gains but on the daily chart it has put in a temporary bottom. This could trigger further recovery in the new week. On the downside, support resides at the 47.00 level where a break will expose the 46.00 level followed by the 45.00 level. A cut through here will aim at the 44.00 level. Conversely, resistance is located at the 48.00 levels where a break will expose the 49.00 level. A break above here will aim at the 50.00 level and then the 51.00 level. All in all, Crude Oil remains biased to the upside on more strength though with caution.
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