Crude Oil: Continues To Hold Onto Upside Pressure, Targets 71.63
CRUDE OIL: The commodity closed higher the past week leaving risk of more strength in the new week.
On the downside, support resides at the 70.00 level where a break will expose the 69.50 level. A cut through here will set the stage for a run at the 69.00 level. Further down, support resides at the 68.50 level.
On the upside, resistance resides at the 71.00 level. Further out, resistance comes in at the 71.50 level. A break above here will aim at the 72.00 level and then the 72.50 level followed by the 73.00 level.
All in all, CRUDE OIL remains biased to the upside.
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It's positive that #oil is holding up after the summer driving season. There is a lot of risk in betting on its downside right now given the Mideast and continued demand growth from Asia and SE Asia.