Oil (F) 2015-04-08

0 6

Oil (5K) 52.70

Short-term Correction

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

  Support Resistence
Level 1 51.80 52.80
Level 2 50.50 53.50
Level 3 49.50 54.20

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