Sforex

Oil : Test critical point. Weak Dollar helps Oil, but beware.

NYMEX:CL2!   LIGHT CRUDE OIL FUTURES
130 2 4
I see Oil             price reached critical point at $50

Oil             moved above Kumo cloud, and test SMA100+SMA200 ( Converge in same point)

$50 is a strong resistance.

Recent weak of USDollar             helps oil             to recover, if USDollar             continues its sel-off, I think oil             price could extend more.

However, I think this rally is unsustainable.

The main reason is global economy is in slowdown period from China, Japan to EZ even US begins to halt.

Hence, the demand of oil             is very low, while the supply is very high, OPEC and US don't cut production.

I think the uptrend of oil             is limited, and we do not expect oil             back $70 ,$80, or even $100

I agree; we should always look at fundamentals. That said, how do you explain the very fast rise to 61 last spring? Sometimes things happen for no sound reason
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Sforex Persil
Weak Dollar.
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