Bearish momentum is fading.
• Crude oil's decline is stopping since the recent
collapse from $52. Support is given at a distance
43.76 (05/05/2017 low). The technical structure
suggests further weakness towards 43.76.
• 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)
