CRUDE OIL – With the commodity selling off on Monday, further bearishness is likely. On the downside, support resides a50.00 level where a break will expose the 49.50 level. A cut through here will set the stage for a run at the 49.00 level. Further down, support resides at the 48.50 level. On the upside, resistance resides at the 51.00 level. Further out, resistance comes in at the 51.50 level. A break above here will aim at the 52.00 level and then the 52.50 level followed by the 53.00 level.. All in all, CRUDE OIL remains biased to the downside medium term.
