(23 OCTOBER 2017)CRUDE OIL (in USD):Messy recovery bounce.

(23 OCTOBER 2017)CRUDE OIL (in USD):Messy recovery bounce.

23 October 2017, 14:05
Jiming Huang
0
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oil

Messy recovery bounce.

(By Peter Rosenstreich)


• Crude oil bounced hard back within range

defined by support at 50.43 and the strong

resistance lies at 52.86 (28/09/2017). Expected to

show continued increase within this range.

• In the long-term, crude oil has recovered after

its sharp decline last year. However, we consider

that further weakness are very likely. For the time

being the pair lies in an upside momentum.

Strong support lies at 35.24 (05/04/2016) while

resistance can now be found at 55.24

(03/01/2017 high).


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