CRUDE OIL – The commodity remains vulnerable to the downside with more weakness envisaged. On the downside, support resides at the 62.00 level where a break will expose the 61.50 level. A cut through here will set the stage for a run at the 61.00 level. Further down, support resides at the 60.50 level. On the upside, resistance resides at the 63.00 level. Further out, resistance comes in at the 63.50 level. A break above here will aim at the 64.00 level and then the 64.50 level followed by the 65.00 level. All in all, CRUDE OIL remains biased to the downside on pullback.
