Oil (5K) 52.70
Short-term Correction
On the short-term view ; we have mentioned earlier on our reports that the market is trading between 50s and 47s levels ; any successful breakout would continue on the direction of that breakout – the market has succeeded to continue pushing up the prices and we would anticipate the first resistance at 53/54 levels which is a part of the mid-term correction phase for the last strong market drop .
However , on the longer -term the fundamental of the market has bot been changed and June OPEC meeting is the awaiting event for the energy observer , with no change – as expected – about the adjustment of the supply then more down move is the new wave on the future to target below 40 per barrel .
Daily Trend: Ranging
Weekly Trend: Down
| Support | Resistence | |
| Level 1 | 51.80 | 52.80 |
| Level 2 | 50.50 | 53.50 |
| Level 3 | 49.50 | 54.20 |
