CRUDE OIL: Bounces Off Major Support On Recovery

CRUDE OIL faces risk of further corrective upside pressure after bouncing off its key support at 50.50 the past week. Support lies at the 53.50 level where a break will expose the 53.00 level. A cut through here will set the stage for a run at the 52.50 level. Further down, support comes in at the 52.00. On the upside, resistance resides at the 54.50 levels. Further out, resistance comes in at the 55.00 level. A break above here will aim at the 55.50 level and then the 56.00 level followed by the 56.50 level. All in all, CRUDE OIL remains vulnerable nearer term.