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