The commodity reversed strongly higher off its intraday low at 83.84 to close higher on Tuesday. This development has left Crude Oil targeting further strength towards the 89.44 level with a violation of there aiming at the 92.83/90.00 zone. Above that level will call for more strength towards the 95.00 level and next its big psycho level at 100.00. We may likely see a turn lower from that level on an initial test because of its psychological importance. Further out, its .618 Fib Ret (147.90 -33.19 decline) at 102.89 will come in as the next upside objective in case the 100 level gives in. Its daily RSI bullish and pointing higher, supporting this view. Alternatively, a return below the 83.84 level will open the door for a run at its rising trendline at 81.50 level and possibly lower. All in all, Crude Oil still maintains its long-term bullish structure and looks to resume that trend.
Crude