(08 MAY 2017)CRUDE OIL:Short-squeeze.

(08 MAY 2017)CRUDE OIL:Short-squeeze.

8 May 2017, 14:17
Jiming Huang
0
30

oil

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 )

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