ACTIV8X

Crude Oil: Blueprints 8.

NYMEX:CL1!   Light Crude Oil Futures
288 0 3
It will be a very crucial period for Oil             , as the U. S.A.             will be able to export its own production of Oil             as the U.S. Congress lifted the ban on Oil             exports, about two weeks ago. Iran will be returning to the international Oil             market, as an exporter of Oil             , since the liftoff of the embargo on Iranian Oil             will take effect starting January 2016. Moreover, The Saudi Government opted for adjusting its budget in order to cope with lower Oil             prices, yesterday. Such a move shows a Saudi rigidity for KSA's Oil             production output. It seems that the Oil             market will be suffering from an oversupply issue this year, as none of the Oil             Producing countries are ready to reduce their output, which will send Oil             seeking lower prices.

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 :

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A Head and Shoulders can be found on Chevron Corp. NYSE:CVX             , which is very correlated to Oil             prices.

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BP PLC             . ( LSE_EOD:BP_             ) is still in a bearish trend 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.

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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 bearish trend on the long term, with $28/bbl as an objective. On the short run, Oil             is bearish 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 Pivot Point 37.24. The weekly support levels are around 36.2 and 34.31. The weekly resistance levels are around 39.13 and 40.17.
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