Crude Oil futures may be weakening as seen on the daily chart but while that weakness remains within its established rising channel, we see risk of higher prices. However, a break and hold below the mentioned channel bottom will annul the above scenario and bring bear pressure towards its intra day low at 73.81 with a violation of there driving Crude Oil further lower towards the 71.16 level, its July 06'10 low followed by its Jun 07'10 low at 69.62 and then the 67.14 level, its May 25'10 low. Alternatively, on a recovery higher from its current price levels, the commodity should target the 77.94 level, its Aug 12'10 high. Further out, resistance is located at the 80.30 level, its Aug 11'10 high and then the 82.94 level, its Aug 04'10 high. All in all, though under bear pressure, as long as it holds within its established rising channel, upside risks are envisaged.
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