(09 OCTOBER 2017)CRUDE OIL (in USD):Strong downside risk.

Strong downside risk.

(By Yann Quelenn)

• Crude oil is bouncing lower below the $50 

level. Key support is given at 45.40 (17/08/2017 

high). Strong resistance lies at 52.86 

(28/09/2017). 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 

(03/01/2017 high).