Oil (F) 2015-03-09

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Oil (5J) 49.80……

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

market may hold the short-run trades inside 45 – 60 zone (which already done in the last 6 weeks)

as long as market holding trades below 54.25 expect another drop to test 45.50 – 46.00 zone again

above 54.25 market may sustain rebound toward 56.50 and 58.50

Daily Trend: UP
Weekly Trend: Down

  Support Resistence
Level 1 47.30 54.25
Level 2 44.80 56.60
Level 3 43.50 58.50

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

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