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Crude oil - Making New Lows

Crude oil has broken the declining channel support and is now close to key support 43.31 (10/05/2016 low), confirming persistent selling pressures. Strong resistance can be found at 51.67 (09/06/2016 high). Expected to weaken toward support at 42.50 (26/04/2016 low). Selling pressures are fading but further short-term strengthening signals are still not there.

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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