Crude Oil Sees Further Bullishness Offensive

CRUDE OIL: With the commodity extending its bullish offensive on Monday, further strength is envisaged.

Resistance is located at the 49.00 level where a break will expose the 50.00 level. A break below here will aim at the 51.00 level and then the 52.00 level. Above here if seen will open the door for a run at the 53.00 level.

Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, support resides at the 47.00 level where a break will expose the 46.00 level followed by the 45.00 level. A cut through here will aim at the 44.00 level.

All in all, Crude Oil remains biased to the upside on recovery.