Oil (F) 2016-10-31

Market managed to hit below 48.50 which activated another downtrend wave

Market now facing resistance at 48.90 where as long as market holding below this zone more drop will be expected toward 46.50 which may activate rebound correction

Above 49.00 market may head again to re-test resistance 50.00-10 zone

 

	Support	Resistence
Level 1	47.70	48.90
Level 2	46.50	50.10
Level 3	44.40	51.50