Oil (F) 2016-04-18

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Oil 6M – New Contract

40.50

Market went for Gap open today as the outcome of Sunday’s summit of 16 oil ministers at Qatar failed to agreed on Oil production freeze as Iran refused to attend summit .

market now facing resistance level at 40.85, where as long as market holding below this zone the downtrend pressure will sustain , while market facing support level at 39.15

below 39.15 market may add more drop movement that may target 36.75 zone

above 41.00 market may restore some strength toward 42.00 zone

  Support Resistence
Level 1 39.15 40.85
Level 2 37.80 42.00
Level 3 36.75 42.50

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