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
(By Peter Rosenstreich )