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CRUDE OIL: Extends Recovery, Eyes 47.71 Zone

CRUDE OIL: With the commodity taking back most of Friday losses on Monday and following through higher on Tuesday, a follow through higher is envisaged in the days ahead. On the downside, support resides at the 46.50 level where a break will expose the 46.00 level. A cut through here will set the stage for a run at the 45.50 level. Further down, support resides at the 45.00 level. On the upside, resistance resides at the 47.50 level. Further out, resistance comes in at the 48.00 level. A break above here will aim at the 48.50 level and then the 49.00 level followed by the 49.50 level. All in all, CRUDE OIL remains biased to the upside on recovery higher.

CRUDE OIL: Extends Recovery, Eyes 47.71 Zone

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