The recent slide in Oil prices has dragged global benchmarks with it. Last week's bounce lifted those benchmarks. In fact, Oil companies represent:
Oil equities are showing strong signs of weaknesses as well :
A can be found on Chevron Corp. NYSE:CVX , which is very correlated to Oil prices.
BP PLC . ( LSE_EOD:BP_ ) is still in a on the middle run. The chart shows how correlated the FTSE100 and Oil are. BP Plc . is a bit higher than its 5 year low.
Here we can see the tight relation between TOTAL S.A. ( CHXEUR:FPP ) and the French Benchmark. The impact of Oil on the French benchmark is very interesting, as TOTAL S.A. weighs more than 9% of the CAC40 .
Oil is remains in a on the long term, with $28/bbl as an objective. On the short run, Oil is below 38.17, with 34.22 as an objective, and 35.99 as a primary objective.
A breakout of 38.17, will send Oil seeking 39.9. Nevertheless, a breakout of 34.22, will send it seeking multiyear lows, again.
The weekly 37.24. The weekly support levels are around 36.2 and 34.31. The weekly resistance levels are around 39.13 and 40.17.