Crude Oil - Bouncing Within Uptrend Channel
Crude oil is trading within short-term uptrend channel. Support can be found at 49.15 (10/10/2016 low) then 46.50/68 (22/09/2016 high). Buying pressures are diminishing and we maintain our bearish view. Positions should be loaded up at this level.
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.