Crude Oil Broader Bias Remains Lower Short Term, Eyes 61.00 Level

CRUDE OIL broader bias remains lower in the short term as it looks for more decline. On the downside, support lies at the 61.00 level where a break will expose the 60.50 level. A cut through here will set the stage for a run at the 60.00 level. Further down, support comes in at the 63.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 62.0 0 level. Further out, resistance comes in at the 62.50 level. A break above here will aim at the 63.00 level and then the 63.50 level followed by the 64.00 level. All in all, CRUDE OIL remains biased to the downside in the short term.

crude oil

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