Crude oil is pushing back following recent selling pressures after reaching 61.33. Expected to bounce back. Hourly support and resistance remain at 59.72 (15/02/2018 low) and 66.33 (25/01/2018 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.
