CRUDE OIL: Rallies, Breaks Through Trendline Resistance

[FXTechstrategy Team 10]

CRUDE OIL: Having halted its corrective declines and turned higher, the risk is for Crude Oil to recapture the 98.26 level. As long as Crude Oil continues to hold above the 93.93/92.04 levels, there is risk of a recapture of the 98.26 level. A cut through here will call for a run at the 100.00 level followed by the 101.00 level. Its daily RSI is bullish and pointing higher supporting this view. The alternative scenario will be for Crude Oil to break below the mentioned trendline and then target the 92.04 level. Below here will aim at the 86.82 level. This is consistent with its broader downside bias though it will have to take out the 84.05 level and the 77.70 level to resume that trend. Below here will resume its medium term weakness towards the 75.50 level. All in all, Crude Oil continues to hold on to its medium term bias.

 

[FXTechstrategy Team 10]

CRUDE OIL: With Crude Oil extending its corrective weakness, there is risk of further declines towards the 90.00 level. A respite may occur here but if taken out, expect further declines to develop towards the 88.00 level. Further down, support lies at the 86.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, Crude Oil will have to break and hold above the 100.39 level to resume its medium term uptrend. Above here will target the 102.00 level with a cut through here calling for a run at the 104.00 level followed by the 106.00 level. All in all, Crude Oil continues to hold on to its corrective weakness bias.

 

[FXTechstrategy Team 10]

CRUDE OIL: With a clear correction yet to be established, Crude Oil remains biased to the downside in the short term. This view remains valid as long as the commodity holds below its declining trendline resistance. Support lies at the 84.04 level where a breach could drive Crude Oil further lower towards the 83.50 level. We may see a halt in declines here if seen but if it breaks further downside will aim at the 82.08 level. On the upside, it will have to break and hold above the 91.25 level to trigger a meaningful correction. Further out, resistance resides at the 92.00 level andthe 93.63 level. All in all, Crude Oil continues to face downside risks despite recovery attempts.

 

[FXTechstrategy Team 10]

CRUDE OIL: Crude Oil has triggered a strong corrective recovery by breaking through its trendline resistance. This development has also pushed the commodity above the 89.19 level suggesting further strength towards the 90.00 level could be building up. A violation will aim at the 91.25 level. Further out, resistance resides at the 92.00 level and then the 93.63 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 89.19 level where a reversal of roles is likely to occur and turn it higher. However, if this fails, further declines could develop towards the 86.93 level where a breach should see Crude Oil decline further towards the 84.04 level. Further down, support comes in at the 83.50 level. We may see a halt in declines here but if broken further downside will aim at the 82.08 level. All in all, Crude Oil continues to face upside recovery risks.

 

[Mysticforex 13]

No doubt due to middle east tensions.

[FXTechstrategy Team 10]

CRUDE OIL: While the commodity may be vulnerable to the downside on correction, it continues to hold above its broken trendline presently located at the 85.92 level. A hammer candle has formed against the mentioned trendline suggesting the bulls could be preparing to take control. This could mean Crude Oil should return above the 89.47 level on ending its correction. This could trigger further upside towards the 91.25 level. Further out, resistance resides at the 92.00 level. On the downside, support comes in at 85.92 level with a violation of here forcing further declines towards the 84.66 level and then the 82.00 level. All in all, Crude Oil faces corrective pullback risks but continues to maintain above its declining trendline.