Support – 17,700, 17,550, 17,400
Oil benchmarks are fast losing ground after OPEC failed to reach new oil supply agreement. US oil intraday chart now shows head and shoulder formation. In case prices break below neckline, selling interest could spike.
This could drag energy and mining shares lower, thus derailing US equity market rally.
- As long as the rising – drawn from Feb low and May low – remains intact, fresh demand could be anticipated in dips. Only a day end closing below the would strengthen bears and expose May low of 17,331.