The Brent crude oil ended the month 22.00% marked its first biggest one month fall since July 2015, several events cause the fall in Oil prices. Ahead of the OPEC meeting this week the price is sitting at the crucial juncture.
Over the weekend developments, Oil price opened higher on Monday as trailing stop losses have been stopped out who sold with against the resistance at 61.50$ before the G20 meeting.
The daily indicators still suggest higher prices in the near term, RSI and RVI confirming upside sentiment.
On the upside, despite apprehension amongst traders increasing at 62.60, a break above this level may pave the wave for a higher price through 64.70 its 20MA and 65.00$ the psychological level if the price struggled to close above 14MA at 62.60$ prompting a retracement back to 60.50$/60.00$ and 59.00$ levels.
We continue to forecast “Technical setting is positive” given last week at 60.30$ targeting a move to 64.50$, 68.50 and 70.00$ levels.
Over the weekend developments, Oil price opened higher on Monday as trailing stop losses have been stopped out who sold with against the resistance at 61.50$ before the G20 meeting.
The daily indicators still suggest higher prices in the near term, RSI and RVI confirming upside sentiment.
On the upside, despite apprehension amongst traders increasing at 62.60, a break above this level may pave the wave for a higher price through 64.70 its 20MA and 65.00$ the psychological level if the price struggled to close above 14MA at 62.60$ prompting a retracement back to 60.50$/60.00$ and 59.00$ levels.
We continue to forecast “Technical setting is positive” given last week at 60.30$ targeting a move to 64.50$, 68.50 and 70.00$ levels.
