(12 JUNE 2017)CRUDE OIL:Bearish momentum is fading

(12 JUNE 2017)CRUDE OIL:Bearish momentum is fading

12 June 2017, 14:42
Jiming Huang
0
26

oil

Bearish momentum is fading.

• Crude oil's decline is stopping since the recent 

collapse from $52. Support is given at a distance 

43.76 (05/05/2017 low). The technical structure 

suggests further weakness towards 43.76. 

• 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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