Crude Oil Slight Increase
Swissquote Ltd | Feb 22, 2018 14:34
CRUDE OIL (in USD) Slight increase
Crude oil upward trend resumes, trading above 61 after reaching 62.50. Crude oil is contained between support at 58.07 (09/02/2018 low) and resistance at 63.67 (10/01/2018). The technical structure suggests short-term upside moves.
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.
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