(24 APRIL 2017):CRUDE OIL:Ready for further downside.

(24 APRIL 2017):CRUDE OIL:Ready for further downside.

24 April 2017, 14:29
Jiming Huang
0
26

oil

Ready for further downside.

• Crude oil has declined sharply, breaking the 

support at 50.71, yet now has paused. Support 

now lies at 49.63 (08/12/2017 low). Resistance for 

a short-term bounce can be found at 50.71 (old 

support) and 53.70 (12/04/2017 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 

(03/01/2017 high).

(By Peter Rosenstreich )

Share it with friends: