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CRUDE OIL: Bullish, Eyes Key Resistance At 54.48 Zone

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CRUDE OIL: Bullish, Eyes Key Resistance At 54.48 Zone

Postby FXTechstrategy » Wed Dec 21, 2016 11:41 am

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.

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