USOIL may back to down trend
Oil prices hit in to the resistance 50/barrel and the ability to adjust the threshold dropped back to 30/barrel. Price at 50/barrel and above area is strong resistance zone at the channel so the ability to reduce the return is very high after oil prices ran nonstop during the last few months.
Basically the recovery of oil prices going up in recent years, the same direction as gold, mainly due to dollar depreciation rather than motivation from OPEC. Venuezuela Iraq and would not want to freeze oil output with the difficult economic situation of both countries. Therefore, the possibility of meeting in June will cause oil prices to drop very sharply.
On 02/06/2016 next day, OPEC will meet in Vienna (Austria). According to our assessment, there is little possibility of OPEC will reach an agreement "to freeze output," not to mention "output cut" after the failed meeting in April.
Basically the recovery of oil prices going up in recent years, the same direction as gold, mainly due to dollar depreciation rather than motivation from OPEC. Venuezuela Iraq and would not want to freeze oil output with the difficult economic situation of both countries. Therefore, the possibility of meeting in June will cause oil prices to drop very sharply.
On 02/06/2016 next day, OPEC will meet in Vienna (Austria). According to our assessment, there is little possibility of OPEC will reach an agreement "to freeze output," not to mention "output cut" after the failed meeting in April.
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