Analysis | Commodity Technical Analysis |
Written by FXTechStrategy |
Wed Dec 21 16 23:17 ET
CRUDE OIL - The commodity now looks to retarget its key resistance located the 54.48 level as it continues to retain its broader medium term uptrend bias. On the downside, support resides at the 53.00 level where a break will expose the 52.00 level. A cut through here will set the stage for a run at the 51.00 level. Further down, support resides at the 50.00 level. On the upside, resistance resides at the 54.00 level. Further out, resistance comes in at the 55.00 level. A break above here will aim at the 56.00 level and then the 57.00 level followed by the 58.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, CRUDE OIL remains biased to the upside medium term.
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which the author incur any responsibility. The does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report