BoCuShin

USOIL may back to down trend

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
125 2 4
Oil             prices hit in to the resistance $50/barrel and the ability to adjust the threshold dropped back to $30/barrel. Price at $50/barrel and above area is strong resistance zone at the channel so the ability to reduce the return is very high after oil             prices ran nonstop during the last few months.
Basically the recovery of oil             prices going up in recent years, the same direction as gold             , mainly due to dollar depreciation rather than motivation from OPEC. Venuezuela Iraq and would not want to freeze oil             output with the difficult economic situation of both countries. Therefore, the possibility of meeting in June will cause oil             prices to drop very sharply.
On 02/06/2016 next day, OPEC will meet in Vienna (Austria). According to our assessment, there is little possibility of OPEC will reach an agreement "to freeze output," not to mention "output cut" after the failed meeting in April.
r.d.b.solutionz
6 months ago
Thank you, was thinking the same thing. Also after failed agreements things wil go even more crazy as suplly builds and price will buckle.
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BoCuShin r.d.b.solutionz
6 months ago
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