(01 MAY 2017)CRUDE OIL:Consolidating below 50.

(01 MAY 2017)CRUDE OIL:Consolidating below 50.

1 May 2017, 15:28
Jiming Huang
0
26

oil

Consolidating below 50.

• Crude oil is trading mixed, breaking the 

support at 50.71, yet now has paused. Support 

now lies at 48.87 (25/04/2017 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 Yann Quelenn )

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