(30 OCTOBER 2017)CRUDE OIL (in USD):Pushing towards key resistance

(30 OCTOBER 2017)CRUDE OIL (in USD):Pushing towards key resistance

30 October 2017, 12:47
Jiming Huang
0
17

oil


Pushing towards key resistance.

(By Yann Quelenn )

• Crude oil is consolidating 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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