Oil (5N) 59.95
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