Oil – Surge on New Demand
Crude oil bounced near the key support at 46.97 yesterday. An unlikely break of resistance at 47.75, as a break would signal significant exhaustion in recent selling pressures. Hourly resistance can be found at 47.46 (intraday high). Hourly support can be found at 46.50 (22/09/2016 high). Time to reload bearish positions.
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.