Oil (F) 2015-02-05
Oil (H5) 49.10
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 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 | 47.30 | 52.55 |
Level 2 | 44.80 | 54.20 |
Level 3 | 43.50 | 56.60 |