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).