Oil price remains under pressure after the members of OPEC (Organization of the Petroleum Exporting Countries) agreed not to change their production level and no production limit, as quoted by Reuters from a delegation member. 

OPEC held its semi-annual meeting in Vienna, Austria. One of the agenda is to try to reach agreement to limit oil production in order to reduce global oil surplus.

As I expected in my previous analysis, oil price retreats after made a pull-back move to within the Fibonacci resistance area at 48.64-49.19, possibly will continue to fall to the intraday key support at 47.74. If the support breaks as well, oil may fall deeper to 47.10-46.56. However, note that hourly stochastic and CCI are oversold so we possibly will see another pull-back move today. In that case, watch for bearish signal confirmation on a pull-back move to within the Fibonacci resistance area to go short with 48.29 as target and 47.74 in extension.
Be careful if the price managed to break the resistance at 49.19 because it will turn the intraday bias to bullish with target at 49.59-50.09.

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