CRUDE OIL: Loses Upside Team, Targets Downside.
CRUDE OIL: With Crude Oil rejecting higher prices to decline during Monday trading session, further downside is likely on corrective weakness. On the downside, support comes in at the 106.00 level with a cut through here setting the stage for more decline towards the 105.21 level. Further down, support is located at the 104.49 level where a violation will aim at the 104.00 level with a breach targeting the 103.50 level and subsequently the 103.00. On the upside, resistance comes in at the 107.65 level where a break will aim at the 108.50 level. A cut through here if seen will open the door for a move higher towards the 109.00 and the 109.50 level. All in all, Crude Oil remains biased to the upside in the medium term but faces corrective weakness in the days ahead.
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Source: http://blog.fxtechstrategy.com/crude-oil-loses-upside-team-targets-downside/
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