CRUDE OIL: Having the commodity capped its strength to close lower on Tuesday, further downside pressure is likely. On the downside, support resides at the 33.00 level where a break will expose the 32.00 level. A cut through here will set the stage for a run at the 31.00 level. Further down, support resides at the 30.00 level. On the upside, resistance resides at the 35.00 level. Further out, resistance comes in at the 36.00 level. A break above here will aim at the 37.00 level and then the 38.00 level followed by the 39.00 level. All in all, CRUDE OIL’s broader bias remains lower as it looks to weaken on price failure.
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