Oil (F) 2015-02-04

0 7

Oil (H5) 51.35

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 rebound above 52.50 yesterday which allowed market for bigger rebound toward 54.20 while market still searching for testing 56.50 zone

market may hold the short-run trades inside 45 – 60 zone

above 56.50 expect 58.35 resistance zone

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 50.35 52.55
Level 2 47.65 54.20
Level 3 45.40 56.60

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.