Crude Oil: Blueprints 6.

Oil finished in the red after the meeting of OPEC, as they didn't agree about any reduction of the production. Oil is currently around 40.26, which it has broken out last Friday, but couldn't go beyond 39.6. Oil's objective remains 38.18, with 39.31 as a primary objective, should the bearish market continue. Oil will have 40.26 as a resistance.

The trend remains bearish as long as the price is below 42.55.

Any inversion will send Oil back towards 40.81, especially should it breakout 40.51.

The daily Pivot Point is around 40.52. The daily Support levels are around 39.04 and 38.12. The daily resistance levels are around 41.44 and 42.92.

Comment:

Oil broke out the 37.77 support level, which is a very critical one. as it has triggered a rally, in late August. No signs of any inversions for the moment. A pursuit of the fall would send it seeking lower lows around 36.92. It will have 38.18 as a resistance, which breaking out will send it seeking 38.56.

The daily Pivot Point is around 38.41. The daily support levels are around 36.67 and 35.76. The resistance levels are around 39.32 and 41.06.