CRUDE OIL – The commodity continues to retain its downside pressure selling off strongly on Wednesday. This has opened the door for more weakness. On the downside, support resides at the 45.00 level where a break will expose the 44.50 level. A cut through here will set the stage for a run at the 44.00 level. Further down, support resides at the 43.50 level. On the upside, resistance resides at the 46.00 level. Further out, resistance comes in at the 46.50 level. A break above here will aim at the 47.00 level and then the 47.50 level followed by the 48.00 level. All in all, CRUDE OIL remains biased to the downside.
