(05 JUNE 2017)CRUDE OIL:Wide-open for further decline.

(05 JUNE 2017)CRUDE OIL:Wide-open for further decline.

5 June 2017, 13:59
Jiming Huang
0
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oil

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 

(03/01/2017 high).

(By Yann Quelenn)

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