Crude Oil - Trading Within Uptrend Channel
Crude oil is consolidating. Hourly support can be found at 42.50 (26/04/2016 low) while resistance can be found at 50.96 (09/10/2015 high). The technical structure suggests a further increase of the commodity,
In the long-term, crude oil is on a sharp decline but is now showing some strong signs of recovery. Strong support lies at 24.82 (13/11/2002) while strong support can be found at 50.96 (09/10/2015 high). Crude oil is holding above its 200-Day Moving Average. Crude oil should recover during this year.