Crude Oil - Setting Lower Highs

By: MIG Bank | Fri, Aug 26, 2016
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Crude oil's bullish momentum has ended as the pair is now setting lower highs. Hourly resistance can be found at 48.75 (19/08/2016 high). A break of hourly support given at 45.84 (17/08/2016 low) would confirm a deeper bearish move. Time to reload bearish position.

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

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MIG Bank

Author: MIG Bank

MIG Bank

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