Strong upside pressures.
• Crude oil continues to bounce on shortsqueeze move. Support is given at a distance
43.76 (05/05/2017 low). Demand is very strong
and crude oil is set to be monitor again the $50
mark.
• In the long-term, crude oil has recovered after
its sharp decline last year. However, we consider
that further weakness are very likely. Strong
support lies at 24.82 (13/11/2002) while
resistance can now be found at 55.24
(03/01/2017 high).
(By Yann Quelenn)
