Oil (F) 2015-03-02
Oil (5J) 49.20……
Oil tumble after OPEC decision with no supply cut
Oil prices sustain drop after OPEC meeting where countries agree that no supply cut action
Market managed to add more drop pressure after the International Energy Agency predicting the lowest demand growth since 2009
Market still holding drop pressure over WTI where Global economic slowdown with reducing expected Oil demand add more drop pressure
Short-run
market managed to rebound above 52.50 which allowed market for bigger rebound toward 54.20
market may hold the short-run trades inside 45 – 60 zone (which already done in the last 5 weeks)
as long as market holding trades below 54.25 expect another drop to test 45.50 – 46.00 zone again
above 54.25 market may sustain rebound toward 56.50 and 58.50
Daily Trend: UP
Weekly Trend: Down
Support | Resistence | |
Level 1 | 47.30 | 54.25 |
Level 2 | 44.80 | 56.60 |
Level 3 | 43.50 | 58.50 |