CRUDE OIL – The pair continues to hold on to its downside pressure following a lower close the past week. On the downside, support resides at the 43.00 level where a break will expose the 42.00 level. A cut through here will set the stage for a run at the 41.00 level. Further down, support resides at the 40.00 level. On the upside, resistance resides at the 44.00 level. Further out, resistance comes in at the 45.00 level. A break above here will aim at the 51.00 level and then the 46.00 level followed by the 47.00 level. All in all, CRUDE OIL remains biased to the downside medium term.
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