CRUDE OIL: With the commodity selling off further the past week, we look for it to decline further in the new week. Support lies at the 86.00 level where a break could drive Crude Oil further lower towards the 83.64 level. Further down, support stands at the 82.00 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, initial resistance resides at the 87.69 level while the distant one lies at the 93.63 level. It will have to close above here to put its present downside pressure on hold. Further out, the 97.20 comes in as the next upside target. All in all, Crude Oil continues to face downside risks.
