Outlook in Crude Oil remains on the downside as long as 57.35 resistance holds on a daily closing basis , support comes at the 52.50 levels , a cut would open 50.00 next , a halt is likely , but losing this level will extend losses towards the 45.00 levels .
On the upside , resistance comes at the 57.35 levels , sustained trading – daily closing – above the 57.35 levels will turn outlook neutral and open 61.70 levels before the next fall , however; If this resistance is taken out , expect recovery to extend towards the 65.15 levels before the next fall.
In all , as long as 57.35 resistance holds on a daily closing basis , outlook in Crude Oil remains on the downside towards the 52.50/50.00 levels , above the 57.35 levels will bring rebound towards the 61.70 levels before the next fall.
Intraday support and resistance (4 hour time frame ) : 50.00 , 52.50 ,55.00, 55.85 , 57.15 , 60.00 , 61.70 , 62.83 , 65.15 (stability below 55.85 will keep the pair under heavy pressure , sustained trading on a 4 hour closing basis above 55.85 will open 57.15/60.00 levels.).