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CRUDE OIL: Reverses Losses, Eyes Further Upside

CRUDE OIL: Crude Oil reversed all of its past week losses to close higher on a rejection candle. This development leaves risk of a move higher on the cards. On the upside, resistance resides at the 61.00 level where a break will expose the 62.00 level followed by the 63.00 level. A cut through here will aim at the 64.00 level. On the downside, support lies at the 59.00 level where a break will expose the 58.00 level. A break will aim at the 57.00 level and then the 56.00 level. Below here will open the door for a run at the 55.00 level. All in all, Crude Oil remains biased to the downside on correction.

US_OILWeekly

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