CRUDE OIL Targets Further Upside Pressure Medium Term

CRUDE OIL: The pair continues to hold on to its broader upside pressure medium term leaving risk higher in the new week. On the downside, support resides at the 47.00 level where a break will expose the 46.00 level. A cut through here will set the stage for a run at the 45.00 level. Further down, support resides at the 44.00 level. On the upside, resistance resides at the 48.00 level. Further out, resistance comes in at the 49.00 level. A break above here will aim at the 50.00 level and then the 49.00 level followed by the 51.00 level. Its weekly RSI is bullish and pointing higher suggesting further upside pressure. All in all, CRUDE OIL remains biased to the upside on correction.