Oil (F) 2015-01-07
Oil (G5) 49.00
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
Short-run
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 which already done at market
market managed to break below 50.00 which may construct new downtrend movement , where as long as market holding trades below 52.50 the downtrend will sustain where 40.00 levels will be possible target
Daily Trend: Down
Weekly Trend: Down
Support | Resistence | |
Level 1 | 48.00 | 50.80 |
Level 2 | 47.30 | 52.50 |
Level 3 | 46.00 | 53.90 |