(10 APRIL 2017)Crude Oil (in USD):Continued bullish move.

(10 APRIL 2017)Crude Oil (in USD):Continued bullish move.

10 April 2017, 14:29
Jiming Huang
0
31

oil


Continued bullish move.

• Crude oil keeps on increasing. The commodity 

had been located in a bearish trend since the 

commodity had been unable to mount a serious 

challenge to resistance at 55.24 (03/01/2017 

high) but now the pair is heading higher. 

Resistance is given at 51.88 (05/041/2017 high). 

Hourly support is given at 47.09 (22/03/2017 low). 

• 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 Peter Rosenstreich )

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