Crude oil upward trend is fading after reaching the 64 range. The pair exited the short-term upward trend channel, heading for hourly support at 59.72 (15/02/2018 low). Hourly resistance remains at 64.77 (11/01/2018 high). The technical structure suggests further shortterm decline.
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.
