• 18 hours The S&P 500’s Top Companies Hold $2.5 Trillion In Debt
  • 1 day Electric Vehicle Rebound Bolsters Battery Metal Growth
  • 2 days BlackRock Makes A Run On Asian Stocks
  • 2 days Gold Prices Surge Above $1,800
  • 3 days Chinese Stocks Soar On Bullish Economic Data
  • 3 days Apple’s “Holy Grail Of Data” Leaves Energy Traders Disappointed
  • 3 days Gold Rally Adds $250 Billion To Top 50 Miners' Market Cap
  • 4 days TikTok Is Becoming A New Battleground For Tech Politics
  • 4 days Peru's Mining Industry Pummeled As Coronavirus Cases Surge
  • 4 days Why The World Is So Divided In Its COVID-19 Response
  • 5 days Equities Cheer Stellar Jobs Report, But It May Be Fleeting
  • 6 days Is Tech Billionaire Peter Thiel Done With Trump?
  • 6 days Musk Takes To Twitter To Troll The SEC
  • 7 days Lunar Mining May Commence As Early As 2025
  • 8 days Immigration Will Go Bust Without $1.2B Bailout
  • 8 days The Economics Of The Space Race
  • 9 days Why The World's Central Banks Aren't Yet Sold On Renewables
  • 10 days How Much More Cash Can Uber Burn?
  • 10 days Inside The Biggest Counterfeit Gold Scandal In Recent History
  • 10 days EU-U.S. Trade Relations Are Deteriorating
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

  1. Home
  2. Markets
  3. Other

Crude Oil - Short-Term Demand Increase

Crude oil has finally escaped resistance area around 53/53.50 03/01/2017 high). The black commodity needs to break resistance at 55.24 (03/01/2017 high) to confirm deeper buying pressures. On top of that, the technical structure suggests a near term correction to 49.61 (08/12/2016) in case support at 50.71 (10/01/2017 low) is broken.

In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. Strong support lies at 24.82 (13/11/2002) while resistance can now be found at 55.24 (03/01/2017 high).

Daily Technical Report

 

Read the Report

Back to homepage

Leave a comment

Leave a comment