May 10, 2016
CRUDE OIL: With Having the commodity reversed some its downside pressure on Tuesday, a move higher is envisaged but with caution. On the downside, support resides at the 44.00 level where a break will expose the 43.00 level. A cut through here will set the stage for a run at the 42.00 level. Further down, support resides at the 41.00 level. On the upside, resistance resides at the 45.00 level. Further out, resistance comes in at the 46.00 level. A break above here will aim at the 47.00 level and then the 48.00 level followed by the 49.00 level. All in all, CRUDE OIL’s medium term bias remains higher.
