Sforex
Short

Oil : OPEC refused to cut production, what next ?

NYMEX:CL2!   LIGHT CRUDE OIL FUTURES
63 0 0
On last Friday, OPEC announced that they wouldn't cut production despite of global glut.

The main reason is OPEC don't want to surrender in a war against US oil             producers.

So Supply > Demand is still the main force driving Oil             price.

Look at on the chart, Oil             bounced back from the Kumo cloud and Kijun Sen signaled that the downtrend begun to resume.

Next, I see a head and shoulder pattern I draw on the chart, so watch the neckline carefully because any break the neckline also goes with more decline.

I think Oil             will break key support 41.21 and retest the year low at 38.45 before year end.

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