Crude Oil: Sells Off On Trend Resumption

Mohammed Isah FXTechstrategy

CRUDE OIL: The commodity continues to retain its downside pressure as it sold off on Tuesday. On the downside, support resides at the 43.00 level where a break will expose the 42.50 level. A cut through here will set the stage for a run at the 42.00 level. Further down, support resides at the 41.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 44.00 level. Further out, resistance comes in at the 44.50 level. A break above here will aim at the 45.00 level and then the 45.50 level followed by the 46.00 level. All in all, CRUDE OIL remains biased to the downside.

Interested in Oil technicals? Check out the key levels

1. R3 44.59
2. R2 44.52
3. R1 44.47
PP 44.40
1. S1 44.35
2. S2 44.28
3. S3 44.23

Author

Mohammed Isah

FXTechstrategy

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market since 2010.

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