Crude oil is bouncing off from 61.81 low, approaching the 62.45 range. The bullish pattern started in November 2017 is somewhat weakened since recent decline started at the end of March. Crude oil is contained between hourly support and resistance at 61.34 (08/01/2018 low) and 64.67 (30/01/2018 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 above its 200 DMA.
