Daily Analysis for oil - Friday, Next weeks trade
Updated
Crude oil prices Decreased yesterday at its lowest level in three weeks, in spite of the decline in the dollar against major currencies in the financial markets, as rising US inventories of crude oil also appeared in Energy Agency last US report indicates worsening of supply in the market. This which indicates the imbalance of supply and demand to push crude oil prices to drop
technically: oil fell strongly down to the first and second levels of $ 45 and then to $ 43.50 a barrel and waiting further decline towards 41.90, which represents the point C to form the Butterfly and also the rising levels of the trend on the Daily that it is possible that crude oil is given to the top to target 46.00 levels then to $ 49.00 a barrel, while maintaining a stop loss close on the lowest uptrend
technically: oil fell strongly down to the first and second levels of $ 45 and then to $ 43.50 a barrel and waiting further decline towards 41.90, which represents the point C to form the Butterfly and also the rising levels of the trend on the Daily that it is possible that crude oil is given to the top to target 46.00 levels then to $ 49.00 a barrel, while maintaining a stop loss close on the lowest uptrend
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