(13 NOVEMBER 2017)CRUDE OIL (in USD):Continued consolidation.

(13 NOVEMBER 2017)CRUDE OIL (in USD):Continued consolidation.

13 November 2017, 12:58
Jiming Huang
0
10
oil

Continued consolidation.

(By Yann Quelenn)

• Crude oil is consolidating after the commodity

set up resistance at 57.92 (08/11/2017 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).

Share it with friends: