Crude Oil - Ready For Further Decline
Crude oil is still riding a short-term bearish channel. Resistance can be found at 51.67 (09/06/2016 high). Expected to weaken toward support at 42.50 (26/04/2016 low). The technical structure suggests a further bounce back as the commodity has ended to set lower lows.
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 at 50.96 (09/10/2015 high) has been broken. Crude oil is holding way above its 200-Day Moving Average. Expected to reach 60 before year-end.