Crude Oil: Turns Higher, Looks To Recover Further

By FXTechstrategy Team of FXTecchstrategy.com

Forex Trades • Aug 19, 2015 at 3:35 AM EDT

Crude Oil has put in a temporary bottom leaving risk of a move higher on the cards. Resistance is located at the 43.00 level where a break will expose the 44.00 level.

CRUDE OIL: The commodity has put in a temporary bottom leaving risk of a move higher on the cards. Resistance is located at the 43.00 level where a break will expose the 44.00 level. A break below here will aim at the 45.00 level and then the 46.00 level. Above here if seen will open the door for a run at the 47.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support resides at the 42.00 level where a break will expose the 41.00 level followed by the 40.00 level. A cut through here will aim at the 39.00 level. All in all, Crude Oil remains biased to the downside medium term.

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