Crude oil looks to extend trend resumption following its rally on Wednesday. This has increased the risk of further upside pressure towards the 76.50 level.
Further out, resistance comes in at the 77.00 level. A break above here will aim at the 77.50 level and then the 77.50 level followed by the 78.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 75.50 level where a break will expose the 75.00 level. A cut through here will set the stage for a move lower towards the 74.50 level.
Further down, support resides at the 74.00 level. All in all, crude oil remains biased to the upside in the medium-term.
