Many traders were surprised the correction of oil last week from the low $28.82 despite the fact is Iran increased the oil production to 1 million per day.
I think in the short term, Oil will be trade in the range between 35.5 and 28.8
Strong resistance is at $35.50, Oil would test this resistance this week, but later it will bounce from this level and likely to $30
The imbalance between Supply and Demand is still exist , that why I think the rise of oil is unstable.
I think in the short term, Oil will be trade in the range between 35.5 and 28.8
Strong resistance is at $35.50, Oil would test this resistance this week, but later it will bounce from this level and likely to $30
The imbalance between Supply and Demand is still exist , that why I think the rise of oil is unstable.