Grinding higher.
(By Peter Rosenstrelch)
·Crude continues to strengthen as can be
seen by the break of the hourly resistance at
65.95. Hourly support and resistance are given at
61.81 (06/04/2018 low) and 72.83 (22/05/2018
high). The technical structure suggests short-
term increase.
·In the long-term, crude oil has recovered after
its sharp decline last year.However, we consider
that further weakness is very likely. For the time
being, the pair lies in an upside trend since June
2017, Support lies at 42.20 (16/11/2016) while
resistance is located at 77.83 (20/11 /2014). Crude
oil is trading largely above its 200 DMA.
