There we go. A failure to rally above 62 led to an utter devastation, sliding below $50/brl within days scattering the hopes of bulls of a repeat of 2009 V-shape recovery.
54 was an important support level which unfortunately failed to even hold. It is now a significant resistance.
Entry: 52.6
S/L: 55.39
T/P: 37~39
With other industrial commodities like Steel per tonne sliding below the price of cabbage per tonne I doubt oil will be 'any different' this time. Economical condition is worsening.
What about Iran's oil that's about to flood the market?
Steel
Copper
Platinum
---------------------
Oil Monthky:
54 was an important support level which unfortunately failed to even hold. It is now a significant resistance.
Entry: 52.6
S/L: 55.39
T/P: 37~39
With other industrial commodities like Steel per tonne sliding below the price of cabbage per tonne I doubt oil will be 'any different' this time. Economical condition is worsening.
What about Iran's oil that's about to flood the market?
Steel
Copper
Platinum
---------------------
Oil Monthky:
