Crude Oil Trading: Weekends Post for the week 23rd - 27th Jan 2017

The battle is still around the neckline. If supply starts to balance in 2017, I suppose price should go up. But then if shale players starts to increase production due to higher price, price would not go a lot higher.

Daily support/resistance on 23rd Jan: 53.13, 52.90
Weekly support/resistance from 23rd - 27th Jan : 53.06, 52.70
Monthly support/resistance for Jan: 53.18, 51.75  (CLG7: 53.49, 52.69)
2017 Yearly support/resistance: 49.35, 40.28