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Crude Oil - Consolidating Below Resistance At 54.51
Crude oil is still in a bullish trend despite some profit taking at the moment that sent the commodity lower. The commodity has weakened from resistance given at 54.51 (10/07/2015 high) towards 50. Expected to head even higher.
In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. Strong support lies at 24.82 (13/11/2002) while can now be found at resistance at 51.93 (19/10/2015 high).