There we go. A failure to rally above 62 led to an utter devastation, sliding below 50/BRL within days scattering the hopes of bulls of a repeat of 2009 V-shape recovery. 54 was an important support level which unfortunately failed to even hold. It is now a significant resistance.
Entry: 52.6 S/L: 55.39 T/P: 37~39
With other industrial commodities like Steel per tonne sliding below the price of cabbage per tonne I doubt oil will be 'any different' this time. Economical condition is worsening. What about Iran's oil that's about to flood the market?