Oil (5N) 58.52
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 trading between 58 support and 63.00 resistance, and the price continues to fluctuate around 57.00 63.00 level. However , by breaking this levels of 63s 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 OPEC meeting ended 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: neutral
Weekly Trend: Down