Oil at key support level

[fxstrategist]

Oil has found a good support at the 41.24 level and it has formed what it appears to be a descending triangle or pennant on the daily chart. To the upside, the 44.00 could act as resistance, but if oil breaks to the downside, the 40.00 level could act as support.

 

[volfixtrader]

Oil has found a good support at the 41.24 level and it has formed what it appears to be a descending triangle or pennant on the daily chart. To the upside, the 44.00 could act as resistance, but if oil breaks to the downside, the 40.00 level could act as support.

I'm agreed. it's very similar that 40 USD is psychological level of support. Price is second time rebound from it. Looking for buying from 40,7-41,75.

 

[fxstrategist]

WTI oil

WTI oil drops to 11 year lows and reaches the 34.00 level. Amazing drop, which it could continue to the 33.00 level.

 

[slithertie]

Oil has found a good support at the 41.24 level and it has formed what it appears to be a descending triangle or pennant on the daily chart. To the upside, the 44.00 could act as resistance, but if oil breaks to the downside, the 40.00 level could act as support.

Sanctions on Iran lifted. Iran is said to be exporting 600000 bpd oil. The oil market is seem to have a really hard times ahead.

 

[Vinayak1000]

Goldman Sachs states that oil could hit $20 a barrel in the near-term. But then there is Russia's Rosneft that is highly optimistic stating that oil prices could hit $170 a barrel in the next 20 years.
The IMF reports that Saudi Arabia and other Gulf monarchies can stand to lose as much as $300 billion in revenue in 2016 alone. It will be tough to miss this amount of money in the budget and will lead to social problems.