(21 NOVEMBER 2017)CRUDE OIL (in USD):Bullish pressures continues.

(21 NOVEMBER 2017)CRUDE OIL (in USD):Bullish pressures continues.

21 November 2017, 12:58
Jiming Huang
0
9

oil


Bullish pressures continues.

(By Yann Quelenn)

• Crude oil has finished its consolidation and is

now ready to challenge again its 1-year high.

Expected to show further short-term bullish

increase. 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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