Crude oil is showing signs of recovery and ready to exceed 65. Strong support is given at 60.93 (05/01/2018 low). Expected to keep increasing as demand remains strong.
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 point is located at 77.83 (20/11/2014). Crude oil is trading largely above its 200 DMA.
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