Crude oil continues its consolidation phase and should not challenge the 60-dollar level anytime soon. Expected to show continued bearish move. Support is given at a distance at 54.81 (14/11/2017 low).
In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. For the time being the pair lies in an upside momentum. Strong support lies at 35.24 (05/04/2016) while resistance can now be found at 55.24 (03/01/2017 high).
