Crude oil

WTI Crude oil prices traded lower last week as it cracked from 61.50$ till 58.70$ approx 8% from its weekly high and finally closed at 59.50$. Crude oil prices are still not that firing due to OPEC production fear which is haunting american drill industry and oil prices. Nymex Crude oil has a major resistance at 63$ if it manage to close above this resistance then expect fire in crude oil upto 68$ – 72$

Major economies are giving hint for a slow down so crude oil may face another slow demand which may keep price lower and US shell business which is so dependent on crude oil prices are in extreme pressure as they are running in loss due to lower price . so If crude oil click our weekly technical support at 57$ and manage to close beneath this level then expect another fresh round of selling in crude oil upto 52$ – 50$

Crude oil technical analysis conclusion : No major fundamental is with crude oil , technically its in weak zone for now. So avoid major buying in this major commodity. Market is pretty uncertain due to OPEC production fear which is a blooming reason for weakness nowdays.

Avoid major trade without stop loss in this major commodity.

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By marafat