The commodity has closed above its key resistance at the 103.38 level, leaving it targeting further upside towards the 104.60 level, its May 11'2011 high. Further out, resistance resides at the 107.00 level and then the 110 level. Its weekly RSI is bullish and pointing higher supporting this view. Alternatively, in the absence of Crude Oil continuing its upside offensive, the risk will be for further declines towards the 99.01 level and then the 94.13 level, its Aug 03'2011 low. A violation of there will aim at the 90.69 level, its Sept 07'2011 high. We may see a respite here turning the commodity back up but if this fails to occur, further declines should target the 84.22 level. All in all, Crude Oil remains biased to the upside in the medium term.
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