Forex Trading Library

Oil (F) 2015-09-03

0 145

Oil (CL_5v) New Contract
46.20

Longer consolidation phase, but no major changes on the fundamentals of that market

After recording the lowest level of the year (41.35 levels) because of a material increase at supply side with a slowing demand and demand growth expectation by the major institutions of that market. keeping its stability below the critical resistance at 44.00 therefore, there is no change on our overall bearish trend expectations, which its next targets reach towards 39.00 as we expected. Now the price remains stable below (45.00) level, to keep the bearish trend in the upcoming sessions, that the chances open to retest next main target again at (39) then (38). and in the bullish trend represents an initial target at 45 and extend to 50.00 again, that in while breaching the resistance.

The levels of 58/57 represent a major support level by breaking those levels the market would re-test the support of 52 (highest expected scenario) but should break one of the critical levels that represented by support level 55.50 ( Penetrated it already ! ). Finally, the market is not priced any geopolitical risks’ development – any type for that risk would have a major impact on the prices, or a major change of US shale oil production as well.

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 38.20 41.50
Level 2 36.50 42.90
Level 3 32.70 43.50
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