While Crude Oil is biased to the upside long term, it has to break and hold above the 103.35 level to trigger that trend. The Commodity's second day of gains today has set it up for a run at 103.35 level, its 2011 high where a break will resume its long term uptrend towards the 105.00 level, its psycho level and then the 110.42 level, its Sept 21'2008 high. Both its daily and weekly RSI are bullish and pointing higher supporting this view. On the downside, support comes in at the 99.21 level with a violation of that level turning risk towards its psycho level at 95.00. Further down, support lies at the 93.00 level where a cap is likely to occur and turn the commodity back up. All in all, Crude Oil remains biased to the upside as it continues to maintain its bullish long-term structure.
Crude