Commodity Technical Outlook On CRUDE OIL

[FXTechstrategy Team 10]

CRUDE OIL: Threatens Trend Resumption.

 

CRUDE OIL: With the commodity following through lower on the back its Monday weakness, further decline is il have to break and hold below the 73.20level to resume its medium term downtrend. Support lies at the 73.20 level with a break aiming at the 72.00 level and then the 71.00 level. A turn below here will open the door for a run at the 70.00 level. On the upside, resistance resides at the 76.50 level where a break will expose the 77.50 level followed by the 78.50 level where a break will aim at the 79.50 level and then the 80.16 level. All in all, Crude Oil remains broadly biased to the downside medium term but faces a corrective risk.

 

[CapitalBosters 10]

Today 57% users are recommended to sell crude oil.

[CapitalBosters 10]

Today 67% users are recommended to buy crude oil.

[tradelab03 10]

Crude oil is trading in a slight bearish bias below 45.00, and Linear Regression Indicators continues to provide negative signals on the four interval which strengthened the possibility of extending the downside move that targets 42.20.

Generally, the downside move remains valid unless the price breaches 48.00 and stabilized above it.