Crude oil is currently trading near the resistance zone which has kept a lid on crude oil prices since early March RSI is also flat suggesting weakening of the recent uptrend. Crude could form a near term top around current levels from where a decline could be witnessed. It would be prudent to say that Crude oil could decline towards 65.50 and 64.50 while it sustains below 67.40.
Prepared by
Technical Analysis Team
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