Oil (F) 2015-01-16

Posted on

Oil (G5) 47.95

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 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 47.30 49.30
Level 2 46.15 50.10
Level 3 45.15 50.80
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