Crude oil continues to move within a rising channel. Hourly resistance is given at 38.99 (09/12/2016 high). Hourly support can be found at 36.09 (07/03/2016 low). A more significant support stands at 35 (rising channel). Expected to see continued strength in the short-term.
In the long-term, crude oil is on a sharp decline and is of course no showing any signs of recovery. Strong support at 24.82 (13/11/2002) is now on target. Crude oil is holding way below its 200-Day Moving Average (setting up at around 47). There are currently no signs that a reverse trend may happen.
Daily Technical Report
