The Crude Oil maintained a strong bearish momentum yesterday , topped at the 103.50 levels and bottomed at the 100.83 levels .now pressure will be on the key support 100.83….
The Crude Oil will have to hold below the 100.83 levels on a daily basis to push the market for further downside losses , If seen It will target the 99.60 levels , where a breach will turn focus on the 98.00 levels , further losses will aim the 96.50 levels.
Alternatively , a failure to hold below the 100.83 levels could mean a return to the 102.50/103.50 levels , a halt is likely , but break of the 103.50 levels on a daily basis will signal short term bottoming at the 100.83 levels , If seen . sooner or later the pair will recapture the 105.20 levels , break of 105.20 will have large bullish implication and should target the 108.00/109.00 levels.
In all , as long as resistance 103.50 holds on a daily closing basis , the Crude Oil will remain based to the downside towards the 99.60/98.00 levels , break of 103.50 will reverse risks towards the 105.00 levels …