Forex Trading Library

Oil (F) 2016-02-17

0 158

Oil 6H – old Contract

29.70

Saudi Arabia and Russia, the world’s two largest crude producers, agreed to freeze output after talks in Qatar.

As Oil production still exceed demand downtrend pressure still weigh on Oil price to sustain downtrend movement .

as wee see over chart, market retreated from downtrend line 31.50 while we may expect farther drop yet to come

support at 28.70 where below this support expect 27.00-40 zone, while so far this support managed to push market back up where resistance zone at 30.25 – 31.00

as long as market holding below 31.00 the downtrend outlook will sustain for short-run , while above 31.50 market may have chance for more advance toward 34.00

as Market supply still exceed demand the downtrend wave toward 24.80 target still on table

  Support Resistence
Level 1 28.70 30.25
Level 2 27.00-40 31.00
Level 3 26.15 31.50
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