Oil (F) 2015-05-19

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Oil (5K) 59.02

Short-term Correction ; buying pressure still exist !

On the short-term view ; the market has succeeded to continue pushing up the prices upwards gradually and still above key resistance 56.50, and the price continues to fluctuate around 58.00 62.00 level. However , by breaking this levels the market has will continued to the bullish momentum and will recorded 65/68.

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.

Finally, 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: Down
Weekly Trend: Down

  Support Resistence
Level 1 58.50 60.50
Level 2 57.20 61.80
Level 3 52.30 62.80

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