18/12/2015
Daily Technical Report (18 Dec 2015) :
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Monitoring recent lows.
• Crude oil weakens again. Hourly support can
be found at 34.53 (14/12/2015 low). The mediumterm
technical structure is clearly negative in a
context of oil oversupply. Expected to show
continued weakness.
• In the long-term, crude oil has not shown signs
of recovery. Strong support lies at 37.75
(24/08/2015) has been broken and 32.40
(18/08/2015 low) is now on target. Nonetheless,
crude oil is holding way below its 200-Day
Moving Average (setting up at 50). An very
unlikely break of the resistance at 60.72
(05/07/2015) would confirm an underlying
uptrend.