CRUDE OIL: Rallies, Targets The 104.98 Level
CRUDE OIL: With Crude Oil rallying strongly during Wednesday trading session to break and hold above 103.65 level, it faces further bullish risk in the days ahead. This development now leaves it eyeing the 104.98 level and then the 105.50 level. We may see a price halt here but if taken out, resistance is seen at the 106.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, the commodity will have to break and hold below the 103.65 level and the 102.64 level to annul its bullish bias. Further down, support comes in at the 101.27 level with a break of here opening the door for a run at the 100.00 level. A cut through here will pave the way for a run at the 99.00 level where a breach will target the 98.00 level. All in all, Crude Oil remains biased to the upside in the short term with eyes on further upside.
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Source: http://blog.fxtechstrategy.com/crude-oil-rallies-targets-the-104-98-level/
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