CRUDE OIL: With the commodity rallying to halt its corrective weakness, the risk is for Crude Oil to return to the 98.22 level.This is consistent with its broader medium term uptrend now on hold. A violation of the 98.22 level will set the stage for a run at the 99.00 level with a loss there turning attention to the 99.50 level. Further out, resistance resides at the 100.00 level. On the downside, support lies at the 94.95 level where a breach will call for a run at the 93.63 level. Further down, support comes in at the 91.50 level and then the 90.30 level. All in all, Crude Oil remains biased to the upside in the medium term though correcting.
