CRUDE OIL: Puts In Temporary Bottom, Targets 46.20 Area
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CRUDE OIL: With Crude Oil putting in a temporary bottom on Monday, it faces a move higher on correction. Resistance is located at the 45.50 level where a break will expose the 46.20 level. A break below here will aim at the 47.00 level and then the 48.00 level. Above here if seen will open the door for a run at the 49.00 level. Its daily RSI is bearish and pointing higher supporting this view. Conversely, on the downside, support resides at the 44.00 level where a break will expose the 43.00 level followed by the 42.00 level. A cut through here will aim at the 41.00 level. All in all, Crude Oil remains biased to the downside medium term but faces a recovery risk.