Oil (5K) 53.90
Short-term Correction ; further higher prices is expected
On the short-term view ; the market has succeeded to continue pushing up the prices upwards gradually to approach the key resistance 54, and as appears on chart, this level represents neckline of a double bottom pattern, its positive targets reach towards 56 then 58, which requires monitoring the price behavior when reaching this resistance due to its importance to detect the price trend on the short term and medium term basis.
However , on the longer -term the fundamental of the market has not 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: UP
Weekly Trend: Down