Oil (F) 2014-12-26

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Oil (G5) 56.30

Oil tumble after OPEC decision with no supply cut

Oil prices sustain drop after OPEC meeting where countries agree that no supply cut action

Market managed to add more drop pressure after the International Energy Agency predicting the lowest demand growth since 2009

Market still holding drop pressure over WTI where Global economic slowdown with reducing expected Oil demand add more drop pressure, where Japanese data show depend recession which indicating reduce demand for Oil


market managed to add more drop over Oil prices after the last forecast cut from IEA , where as long as market holding trades below 63.70 a farther drop would be expected over the med-run toward 50.00 levels

so far market moving inline with our expectation where managed last week to hit 53.90 low , while target still toward 50.00

market now facing trading zone between 53.90 – 59.25 , while above 59.25 market may sustain rebound to test 63.50-70 zone

as long as market holding trades below 63.70 expect target toward 50.00

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 56.00 59.20
Level 2 54.55 59.75
Level 3 53.90 63.50-70


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