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Crude Oil - Breaking Support At 45.61

Crude oil is setting lower highs. The black commodity has finally exited symmetrical triangle. Strong support at 45.61 (12/05/2016 low) has been broken. Resistance can be found at 51.67 (09/06/2016 high). Expected to further weaken.

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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