Oil (F) 2015-06-02

Jun 02 2015, 12:10 pm

Oil (5N) 60.80

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 60.20, and the price continues to fluctuate around 57.00 62.00 level. However , by breaking this levels of 62s 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 (58.50) ; however , as the market trading higher than 58s 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 59.10 61.50
Level 2 58.20 62.30
Level 3 56.47 63
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