(06 NOVEMBER 2017)CRUDE OIL (in USD):Strong buying demand.

(06 NOVEMBER 2017)CRUDE OIL (in USD):Strong buying demand.

6 November 2017, 13:03
Jiming Huang
0
21

oil


Strong buying demand.

(By Yann Quelenn)

• Crude oil has surged and set up a new

resistance at 56.28 (06/11/2017 high). The

commodity is trading at 1-year high. Expected to

show further shot-term bearish consolidation.

Indeed the technical structure has a history of

decent consolidation phase.

• 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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