E CRUDE OIL: Breaks Out, Sees Bullish Offensive

CRUDE OIL: The commodity rallied out of its trading range on Wednesday leaving risk of further move higher on the cards. This development leaves risk higher on more strength in the days ahead. On the downside, support resides at the 47.00 level where a break will expose the 46.00 level followed by the 44.00 level. A cut through here will aim at the 43.00 level. Conversely, resistance is located at the 48.00 level where a break will expose the 49.00 level. A break below here will aim at the 50.00 level and then the 51.00 level. Above here if seen will open the door for a run at the 52.00 level. All in all, Crude Oil remains biased to the downside long term but faces corrective recovery.