Wide-open for further decline.
• Crude oil is still collapsed after the bounce
following the short-squeeze move towards $52.
Support is given at a distance 43.76 (05/05/2017
low). The technical structure suggests further
strengthening towards $50.
• 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 Yann Quelenn)