Short-squeeze.
• Crude oil is bouncing back on short-squeeze
move. The commodity has reached a level below
$44. Strong support is given at 42.20 (14/11/2017
low). Expected to see renewed bearish
pressures.
• 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 )
