CRUDE OIL: Recovering But Vulnerable In The Medium Term

CRUDE OIL: While a recovery is now in place, Crude Oil continues to hold on to its broader medium term downtrend. This leaves the possibility of a return to the 77.28 level on the cards. A breach of here will extend further declines towards the 76.45 level followed by the 74.00 level. The alternative scenario will be for the commodity to move back above the 88.98 level. This will pave the way for a move further higher towards its psycho level at The 90.00 level. A cut through here will aim at 96.16 level and then the 100 level. All in all, Crude Oil continues to maintain its broader medium term downside bias though facing a recovery risk.