CL_5V
48.71
No major change since last week !
Still we see the market playing in our noticeable symmetrical triangle, with no major change, where you think the breakout out direction would be?
For me still I think the selling pressure within this pattern more stronger and obvious than the buying pressure – so we will keep you guess our expectation about the direction of breakout above ( or below ) ; 42/50 levels we see it the range, upper breakout the 60s levels is the target, below 42 we would see a price below 38s dollar.
Mid – Term View
On the mentioned time horizon we would consider the levels of 42 and 50 US dollar per barrel, as the major playable levels for the oil, once the prices penetrated on of these price the market would continue its penetration to a mid-term trend. In case the market broke upward the price of 50 then our target would be at 55/58. However, a downward breakout below 42 US dollar we would see a long time market below 40 levels at 38/35/32 which considered the major support.
On the long-Term:
All the factors at market support a fair price for west Texas oil to be within 40/50 range , however , if we see more negative shocks to global economic overview and commodity market in particular then we would prefer the fair price range to be between 30/40.
Daily Trend: UP
Weekly Trend: Down
| Support | Resistence | |
| Level 1 | 43.67 | 46.17 |
| Level 2 | 42.50 | 48.20 |
| Level 3 | 41.13 | 50.11 |
