Crude oil upward trend starts back, trading above 62.50 and approaching hourly resistance at 64.77 (11/01/2018 high). Hourly resistance at 64.77 (11/01/2018 high) remains. The technical structure suggests further short-term upward moves.
In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness is very likely. For the time being, the pair lies in an upside trend since June 2017. Support lies at 42.20 (16/11/2016) while resistance is located at 77.83 (20/11/2014). Crude oil is trading largely above its 200 DMA.
