Crude Oil - Holding Below $50
Crude oil is having difficulties to push any higher. Hourly support can be found at 42.50 (26/04/2016 low) while resistance can be found at 50.21 (26/05/2015 high). The technical structure suggests a further consolidation of the commodity. Yet crude oil still lies within the uptrend channel.
In the long-term, crude oil is now recovering from its sharp decline and the signs of recovery are now strong. Strong support lies at 24.82 (13/11/2002) while strong resistance can be found at 50.96 (09/10/2015 high). Crude oil is holding way above its 200-Day Moving Average. Expected to reach 60 before year-end.