CRUDE OIL: Bullish In The Medium Term
CRUDE OIL: We continue to hold our bullish bias on Crude Oil as it followed through higher the past week. This now leaves the 95.00 level as the next upside target with a violation of here turning attention to the 96.15 level and possibly higher towards the 97.00 level. Its weekly RSI is bullish and pointing higher supporting this view. As long as Crude Oil remains above the 90.30 level, this view remains valid. Its weekly RSI is bullish and pointing higher supporting this view. Support lies at the 93.63 level where a violation will call for a run the 91.50 level and then the 90.30 level. Further down, support comes in at the 89.98 level All in all, Crude Oil remains biased to the upside above its key resistance at 90.30 level.