(21 AUGUST 2017)CRUDE OIL (in USD):Holding below the 200-DMA and above 50-DMA

Holding below the 200-DMA and above 50-DMA

(By Yann Quelenn)

• Crude oil is trading mixed. Hourly support is 

given at a distance at 45.40 (24/07/2017 low). 

Strong resistance can be found at 50.41 

(31/07/2017). Expected to show short-term 

sideways move. 

• 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 

(03/01/2017 high).