CRUDE OIL: Having the commodity failed to sustain its Thursday price momentum to close lower on a rejection candle on Friday, it faces the risk of further move lower. On the downside, support resides at the 32.00 level where a break will expose the 31.00 level. A cut through here will set the stage for a run at the 30.00 level. Further down, support resides at the 29.00 level. Its downside pressure has turned lower suggesting further weakness. On the upside, resistance resides at the 33.00 level. Further out, resistance comes in at the 34.00 level. A break above here will aim at the 35.00 level and then the 35.00 level followed by the 36.00 level. All in all, CRUDE OIL’s broader bias remains lower medium term.
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