Oil (F) 2016-12-19

Dec 19 2016, 12:34 pm

we still holding our previous short run view for Crude oil

Crude oil managed to retrieve strength after OPEC agreement to cut production, while add more strnegth as Saudi Arabia signaled it’s ready to cut output more than earlier agreed

Short-run showing uptrend wave where support zone at 48.80-49.20

As long as market holding above this zone another uptrend wave may hit the market toward (58.00-60.00) zone

Below 48.80) more drop correction my hit Oil toward 45.00 zone

  Support Resistance
Level 1 52.20 53.50
Level 2 51.45 54.50
Level 3 49.20 56.00
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