Oil (F) 2015-03-13

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Oil (5J) 46.60

Oil To continue its down trend after breaking its previous trading range

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


Market has broken the trading range which was trading withing it the breakout point would be considered 48.50s as shown at the chart , moreover , the market is targeting lower levels and to re-test the levels of 45/42 respectively .

Daily Trend: UP
Weekly Trend: Down

  Support Resistence
Level 1 46.50 48.20
Level 2 44.80 52.50
Level 3 43.50 55.80


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