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Sharp decline.
(By Yann Quelenn )
• Crude oil has strongly declined after the
commodity monitored the $50 level. Key support
is given at 45.40 (17/08/2017 high). Strong
resistance can be found at 50.43 (31/07/2017).
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
(03/01/2017 high).
