Crude Oil Weakness Confirmed
Swissquote Ltd | Feb 14, 2018 14:21
Crude oil slowly continues its fall, trading below 59. Hourly resistance at 64.77 (11/01/2017) keeps being distanced while supports stand at 55.82 (07/12/2017 low) and 53.89 (01/11/2017). The technical structure suggests further downside 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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