Crude oil continues its bounce, approaching hourly resistance at 64.14 (22/01/2018 high) and expected to rise further. Hourly support remains at 59.72 (15/02/2018 low). 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.
