CRUDE OIL: While Crude Oil may have paused its declines and triggered a recovery to close higher the past week, it faces an uphill task of returning to the 93.81 level, its Sept 21’2012 high. Above here will have to occur to extend further upside towards the 100.39 level. It will have to break and hold above here to resume its medium term uptrend. This if seen will aim at the 102.00 level with a cut through here calling for a run at the 104.00 level. Support lies at the 88.94 level with cut through here resuming its short term weakness towards the 88.00 level. Further down, support lies at the 86.00 level. All in all, Crude Oil continues to face downside risks as long as it holds below the 93.21/63 levels.
