Oil (F) 2015-06-01

Jun 01 2015, 12:10 pm

Oil (5N) 57.28

Short-term Correction ; buying pressure still exist – All eyes on OPEC meeting

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 57.00 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 (57.20 ) ; however , as the market trading higher than 57s 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: Up
Weekly Trend: Down

  Support Resistence
Level 1 57.20 59.80
Level 2 56.50 60.50
Level 3 55.20 61.80
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