CRUDE OIL recovery threats eyes 56.01 zone as the commodity looks to extend gain. Support lies at the 54.00 level where a break will expose the 53.50 level. A cut through here will set the stage for a run at the 53.00 level. Further down, support comes in at the 52.50. On the upside, resistance resides at the 55.50 levels. Further out, resistance comes in at the 56.00 level. A break above here will aim at the 56.50 level and then the 57.00 level followed by the 57.50 level. All in all, CRUDE OIL remains biased to the upside nearer term on correction.
