The Crude Oil maintained a bullish momentum yesterday , printed support at the 101.66 levels . This development leaves the pair targeting the 104.00 levels where a breach will turn focus on the 105.50 levels , further upside will aim the 107.15 levels.
On the downside , support comes at the 102.00 levels ahead of 101.66 ( main) , stability above support levels will keep the bullish momentum intact , however ; sustained trading – daily closing – below 101.66 will turn outlook neutral for retesting 100.33 levels before the next possible rise .
In all ,as long as support 101.66 holds on a daily closing basis , outlook in Crude Oil remains on the upside with risk towards the 104.00 levels ahead of the 105.50 levels , below 101.66 will reverse risks towards the 100.33 levels before the next rise…
Note that break of 102.91 levels on a daily closing basis , will make 102.91 serve as strong support ….