CRUDE OIL: Loses Recovery Momentum, Vulnerable Below Key Resistance

[FXTechstrategy Team]

CRUDE OIL: With the commodity capping its corrective recovery at the 93.25 level and turning lower, Crude Oil remains vulnerable to the downside. This is consistent with its broader downside bias though it will have to take out the 84.05 level and the 77.70 level to resume that trend. Below here if seen will resume its medium term weakness towards the 75.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, in order for the commodity to resume its corrective recovery, it will have to overcome the 93.25 level. This will leave risk of a return to the 94.61 level on the cards where a violation will set the stage for a run at the 93.25 level. Further upside, resistance resides at the 96.16 level followed by the 100 level. All in all, Crude Oil continues to hold on to its broader downside bias medium term.