Oil price retreats on Wednesday as the market expects a rise in export from Middle East. Meanwhile, worries about China’s economy also pushed down the demand of oil. 

Iran’s representative in OPEC said that Teheran will not agree with any policy to freeze production and the discussion about production adjustment must wait until the oil price stabilized. 

A pull-back move has occurred into the Fibonacci resistance area at 48.64-49.19. Intraday bias is bearish, 20 MA has crossed below 50 MA on hurly chart. Note that hourly stochastic and CCI are overbought. We should wait for bearish signal confirmation within the resistance area to go short with target at 48.29-47.74. 
Be careful if the price managed to break resistance 49.19 because it will turn the intraday bias to bullish and possibly will be followed by bullish move up to 49.59-50.09.

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