Oil (F) 2015-05-08

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Oil (5K) 59.17

Short-term Correction ; buying pressure still existing !

On the short-term view ; the market has succeeded to continue pushing up the prices upwards gradually until it has penetrated the key resistance 56.50, and the price continues to fluctuate around 58.00 level. However , by breaking this levels the market has continued the bullish momentum and recorded 62/65.

So on the short-term the market has rebounded back to the support levels as shown (58.20 ) ; however , as the market trading higher than 57.50 then we do expect further advance to re-test recent high and even higher.

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

  Support Resistence
Level 1 59.50 61.50
Level 2 57.20 62.20
Level 3 52.30 65.13


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