Crude oil weakens again. Hourly support can be found at 34.53 (14/12/2015 low). The medium-term technical structure is clearly negative in a context of oil oversupply. Expected to show continued weakness.
In the long-term, crude oil has not shown signs of recovery. Strong support lies at 37.75 (24/08/2015) has been broken and 32.40 (18/08/2015 low) is now on target. Nonetheless, crude oil is holding way below its 200-Day Moving Average (setting up at 50). An very unlikely break of the resistance at 60.72 (05/07/2015) would confirm an underlying uptrend.
Daily Technical Report
