Broke through SUPPORT 1 and retested same on Friday. Unless it breaks RESISTANCE 2, I'm seeing it turning back SOUTH.
Too much news supporting the drop of oil price :-
Global Oil Supply Rose 0.17 Mbd In July, OPEC
OPEC Crude Oil Production In July Rose 0.173 Mbd, OPEC
- US Production rose f 9.4 to 9.5 mbd (2 year high) , EIA.
Drop in US oil rig count to 763 - 6 week low.
** These are just my own graph and news analysis - based on my personal preferences. I won't be accounted for any losses encountered for your trades. Trade at your own risk. Have fun! **
Too much news supporting the drop of oil price :-
Global Oil Supply Rose 0.17 Mbd In July, OPEC
OPEC Crude Oil Production In July Rose 0.173 Mbd, OPEC
- US Production rose f 9.4 to 9.5 mbd (2 year high) , EIA.
Drop in US oil rig count to 763 - 6 week low.
** These are just my own graph and news analysis - based on my personal preferences. I won't be accounted for any losses encountered for your trades. Trade at your own risk. Have fun! **