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CRUDE OIL Outlook Remains Lower On Further Weakness

CRUDE OIL: Having followed through lower on the back of its Friday losses on Monday, further decline looks likely in the days ahead. This view is line with its rejection candle on the weekly hart and its failure ahead of the 49.30 area last week. On the downside, support resides at the 44.00 level where a break will expose the 43.00 level followed by the 42.00 level. A cut through here will aim at the 41.00 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance is located at the 45.50 level where a break will expose the 46.00 level. A break below here will aim at the 47.00 level and then the 48.00 level. Above here if seen will open the door for a run at the 49.00 level. All in all, Crude Oil remains biased to the downside.

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