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CRUDE OIL: Vulnerable On Loss Of Momentum

CRUDE OIL: Having Crude Oil rejected higher prices on negative candle formation the past week, it now looks to weaken on correction in the new week. On the upside, resistance resides at the 60.00 level where a break will expose the 61.00 level followed by the 62.00 level. A cut through here will aim at the 63.00 level. On the downside, support lies at the 58.00 level where a break will expose the 57.00 level. A break will aim at the 58.00 level and then the 55.00 level. Below here will open the door for a run at the 54.00 level. All in all, Crude Oil remains biased to the downside on correction.

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