Crude Oil: Weakens, Extends Bear Pressure

Crude oil: The commodity extended its Tuesday losses on Wednesday opening the door for more declines. On the downside, support resides at the 47.00 level where a break will expose the 46.00 level. A cut through here will set the stage for a run at the 45.00 level.

Further down, support resides at the 44.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 48.00 level.

Further out, resistance comes in at the 49.00 level. A break above here will aim at the 50.00 level and then the 51.00 level followed by the 52.00 level. All in all, Crude oil remains biased to the downside short term.