Oil (F) 2015-01-05
Oil (G5) 52.10
Oil tumble after OPEC decision with no supply cut
Oil prices sustain drop after OPEC meeting where countries agree that no supply cut action
Market managed to add more drop pressure after the International Energy Agency predicting the lowest demand growth since 2009
Market still holding drop pressure over WTI where Global economic slowdown with reducing expected Oil demand add more drop pressure
Short-run
market managed to add more drop over Oil prices after the last forecast cut from IEA , where as long as market holding trades below 63.70 a farther drop would be expected over the med-run toward 50.00 levels
so far market moving inline with our expectation where managed to hit 52.00 target low , while target still toward 50.00
market now facing resistance zone at 55.00 , where as long as market holding trades below this level the downtrend will sustain toward 50.00
Daily Trend: Down
Weekly Trend: Down
Support | Resistence | |
Level 1 | 52.00 | 55.00 |
Level 2 | 51.10 | 56.55 |
Level 3 | 50.00 | 57.50 |