CRUDE OIL eyes downside momentum towards its key support residing at 72.93/71 zone. This is coming on the back of a loss of upside momentum the past week. On the downside, support resides at the 73.00 level where a break will expose the 72.71 level. A cut through here will set the stage for a run at the 72.50 level. Further down, support resides at the 72.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 74.00 level. Further out, resistance comes in at the 74.50 level. A break above here will aim at the 75.00 level and then the 75.50 level followed by the 76.00 level. All in all, CRUDE OIL remains biased to the downside on pullbacks.
