Breaks rising trendline.
• Crude oil has pulled-back after its recent sharp
rise. Support can be located at 50.71 (08/02/2017
low). Hourly resistance can be located at 54
(07/04/2017 high then strong resistance stands at
55.24 03/01/2017 high).
• 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 )