CRUDE OIL: The commodity weakened further the past week leaving risk of more decline on the cards. Resistance is located at the 41.00 level where a break will expose the 42.00 level. A break below here will aim at the 43.00 level and then the 44.00 level. Above here if seen will open the door for a run at the 45.00 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the downside, support resides at the 39.00 level where a break will expose the 38.00 level followed by the 37.00 level. A cut through here will aim at the 36.00 level. All in all, Crude Oil remains biased to the downside medium term.
Get More Power Over Your Trading With Less Hassle
FXTechstrategy delivers powerful buy/sell trade ideas with stop losses, price targets and super-easy analysis to help you improve your results
GET MORE POWER OVER YOUR TRADING WITH LESS HASSLE
The Award-Winning Analysis Solution for Forex & Commoditidy Traders
Your trading, made easier
Get 15+ super-easy trade ideas with powerful daily analysis and easy-to-understand strategy eBook
Stay on top of every move with price action to help you make easier, faster, and more accurate trading decisions.
Whether your strategy is for day trading or swing trading FXTechstrategy analysis fits in seamlessly with no hassles.