Oil (5K) 51.40
consolidation and near to reverse- awaiting the confirmation
On the short-term view ; we have mentioned earlier on our reports that the market is trading between 50s and 47s levels ; any successful breakout would continue on the direction of that breakout – the market has succeeded to continue pushing up the prices and we would anticipate the first resistance at 53/54 levels which is a part of the mid-term correction phase for the last strong market drop .
However , on the longer -term the fundamental of the market has bot been changed and June OPEC meeting is the awaiting event for the energy observer , with no change – as expected – about the adjustment of the supply then more down move is the new wave on the future to target below 40 per barrel .
Daily Trend: Ranging
Weekly Trend: Down