Renewed bearish pressures.
(By Yann Quelenn )
• Crude oil is trading lower. Hourly support is
given at 43.65 (10/07/2017 low). Strong
resistance given at 48.42 (05/06/2017). Expected
to show continued weakness.
• 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 35.24 (05/04/2016) while
resistance can now be found at 55.24