Oil (F) 2016-02-01

Oil 6H –

33.10

Market failed to obtain any daily close above 34.30 as OPEC delegate said no plan for any production cut with Russia which placed market on uncertainty about such cut .

market built new resistance zone at 34.50-80 where as long as market holding below this zone the drop wave will sustain on market, while first support at 32.40-60 and 31.40

first sign of weakness will be below 32.40 zone

above 34.80 market will add signals for farther advance toward 37.50-75 zone

	Support	Resistence
Level 1	32.40	34.30
Level 2	31.40	34.80
Level 3	29.25	36.00