Oil (CL_5Q)
58.70
Longer consolidation phase, but no major changes on the fundamentals of that market
After recording the lowest level of the year (45/44 levels) because of a material increase at supply side with a slowing demand and demand growth expectation by the major institutions of that market. The market has reacted from that bottom to enter a consolidation phase and recorded 65as the highest level for that short-term trend.
The levels of 58/57 represent a major support level by breaking those levels the market would re-test the support of 52 (highest expected scenario). Finally, the market is not priced any geopolitical risks’ development – any type for that risk would have a major impact on the prices, or a major change of US shale oil production as well.
| Support | Resistence | |
| Level 1 | 59.50 | 61.20 |
| Level 2 | 58.20 | 62.50 |
| Level 3 | 57.11 | 63.30 |
