Oil has been trending up but this seems like a time when the tide turns for the short term.
The double top is obvious enough and 38.2 retracement at 36 is strong short term target for shorts.
The next targets are 32 and 27.
The OPEC and Non-OPEC meeting coming Sunday has been a major driver of this rally along with (possibly more) the weakness in commodities in general. Despite tapering down of expectations from Saudi and Russia, never mind Iran, oil has remained firm. The announcement coming out from the meeting is most likely to disappoint investors and also aid buy the rumor sell the news philosophy. This is not looking good for oil and a visit to the lows of 26 is not out of question.
The double top is obvious enough and 38.2 retracement at 36 is strong short term target for shorts.
The next targets are 32 and 27.
The OPEC and Non-OPEC meeting coming Sunday has been a major driver of this rally along with (possibly more) the weakness in commodities in general. Despite tapering down of expectations from Saudi and Russia, never mind Iran, oil has remained firm. The announcement coming out from the meeting is most likely to disappoint investors and also aid buy the rumor sell the news philosophy. This is not looking good for oil and a visit to the lows of 26 is not out of question.