Challenging the key resistance at 47.15.
(By Peter Rosenstreich)
• Crude oil is showing some buying interest near
key support at 45.46. Strong resistance can be
found at 50.41 (31/07/2017). Hourly support is
given at 45.40 (17/08/2017 high). Expected to
show continued short-term bearish 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