24 July - OPEC meeting
SCENARIO 1
no production cuts on Libya, Iraq and Nigeria
The price should go up until top of channel 49.60 (max) and then fall down to low 40 - 39.
PS there should be a strong resistance at 47.30
SCENARIO 2
granted cuts on Libya, Iraq and Nigeria oil production.
The price should go up to test the resistance at 47,30.
There could be a retracement down to low 44 and then run for 10$ OPEC movement over 52-54
SCENARIO 1
no production cuts on Libya, Iraq and Nigeria
The price should go up until top of channel 49.60 (max) and then fall down to low 40 - 39.
PS there should be a strong resistance at 47.30
SCENARIO 2
granted cuts on Libya, Iraq and Nigeria oil production.
The price should go up to test the resistance at 47,30.
There could be a retracement down to low 44 and then run for 10$ OPEC movement over 52-54
Tested 47 just before opec meeting.
Down to 44,98 on Friday 21 July.
Opec announcement - for Saudi and Nigeria. BUT . . . Not a real production cut agreement.
Movement up 5-10 $ ...we should see 50-52$