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Holding above $50.
(By Yann Quelenn)
• Crude oil is consolidating above the $50 level.
Key support is given at 45.40 (17/08/2017 high).
Strong resistance found at 52.43 (26/09/2017) has
been broken. Expected to show another leg
higher.
• 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).
