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MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

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Crude Oil - Strong Selling Pressures Area

Crude oil is moving sideways around the 50- mark. Hourly support now lie at 48.16 (22/06/2016 low). Resistance can be found at 51.67 (09/06/2016 high). A break of resistance at 51.67 is necessary to confirm that buying pressures are significant.

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.

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