crude oil price technical view

Is oil continues to leak Down ?

WTI crude oil broke higher last week, there are few fundamental facts:
 Kuwait says no calls within OPEC to change output policy
 OPEC sees oil demand in 2016 more positive than thought
 China’s Sept crude imports up 1.3 pct y/y 

From a technical perspective an impulsive decline back beneath 46 support is required for bears to take control This would bring $42.70-43.20 into consideration, with it having been a key level of support throughout September. We shouldn’t forget that last week’s strong performance in WTI means this could just be a retracement., the trend line is not yet confirm spite that, it would complete the reversal of last week’s gains and offer more support for the view that the bulls are being out muscled once again by the bears.

personally my thoughts are that we are going to see 52-53 area again if 46 level will hold
crude oil chart

This review does not including any document and / or file attached to it as an advice or recommendation to buy / sell securities and / or other advice

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