Crude oil bullish trend pauses, the pair broke hourly resistance at 64.14 (22/01/2018) and is approaching hourly resistance at 66.66 (25/01/2018 high). Expected to stabilize along the 65 range. The technical structure suggests short-term consolidation.
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.