Oil (F) 2016-05-04

May 04, 11:35 am

Oil 6M – New Contract

43.80

Market sustain drop as expected from resistance zone 46.60-70 while managed to break below support of the uptrend channel as we see over the chart.

market now facing support at 42.50 where below this level will expect farther drop toward 41.00 zone where from there we will expect another bull wave that may target the 48.35

intraday trading levels showing as long as market holding below 44.65 the downtrend pressure will sustain

short-run downtrend risk will start below 40.00 zone

  Support Resistence
Level 1 42.50 44.65
Level 2 41.00 45.35
Level 3 40.00 46.15
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