Pushing lower.
(By Yann Quelenn )
• Crude oil is now consolidating higher since the
commodity hit 11-month low towards resistance
at 46.71 (12/06/2017 high). Support is given at
42.05 (21/06/2017 low). Expected to show
renewed weakness.
• 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 35.24 (05/04/2016) while
resistance can now be found at 55.24
(03/01/2017 high).
