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Crude Oil - Targeting The 50-Dollar Mark

Crude oil continues to push higher. Hourly support can be found at 42.50 (26/04/2016 low) while resistance can be found at 50.96 (09/10/2015 high). The technical structure suggests a continued increase of the commodity.

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 can be found at 50.96 (09/10/2015 high). Crude oil is holding way above its 200-Day Moving Average. Expected to reach 60 before year-end.

Daily Technical Report

 

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