Crude oil is starting a recovery phase after reaching 62.80 low, breaking hourly support at 62.85 (19/01/2018 low) and currently trading below 64. Heading along the 63.60 range. The bullish pattern started in November 2017 is confirmed. Silver is currently contained between hourly support and resistance at 62.33 (23/02/2018 low) and 66.66 (25/01/2018 high). The technical structure suggests short-term upward 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.
