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
(By Peter Rosenstreich )