Crude oil market fell significantly during the course of the session on Monday, slicing through the $32 level. Because of this, market look as is ready to go lower. Below the level $ 30, we feel that the market will more than likely trying to reach towards the $28 level. Technically market is looking weak on chart and prices is trading below the resistance on its . In 4 hourly chart, prices are sustaining below its support indicating downtrend movement in oil prices. It is having an important resistance at the level of $32.30 and support at the level of 30.50. If it breaks its on downside and sustains below it then we can expect it to show further movement in Crude oil prices.
is sustaining in its negative territory indicating the in the prices.
is sustaining in its selling zone indicating the upcoming in the prices
Crude oil is looking on charts for next few trading session. One can go for sell on higher level strategy for intra day to mid term positions in it.
1)declining demand(slowing down emerging market)
2)US shale production (sufficient for USA s self consumption)
3)Iran back in market with ample supply
4)risen Dollar index
5) we are heading to the end of crude era as SOlar energy taking over (when some said wifi would kill the telephone industry(long distance was a huge market back in 90 s) people laugh at it look at whats up viber,,skype all made it possible (solar energy is growing at 200% a year some predict in 12---15 years we will be able to light the entire world for 36000 years
my comments here are for educational purpose only i dont suggest you buy or sell based on my suggestion .Trading is risky and you could loose a lot of money
AS you rightly said, look at the impact on the emerging markets, Iranians coming into the oil supply-side, Saudi's are unwilling to cut off production...