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The Iranian Saudi tension supported the oil prices in the beginning of 2016

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 4, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    CL-FEB16 Daily 04-01-2016 06-22-50 ص.jpg

    Despite the weaker than expected manufacturing data which came out from US and China, the oil prices could find reason to rise by ascending tension between Iran and Saudi Arabia during the weekend because of Saudi Arabia’s execution of Saudi Shiite Cleric.

    CL FEB 16 opened the new on upside gap at $37.59, before reaching $38.27 in the first hour of the new week, after undermined closing last week at $37.05 by unexpected rising of US EIA Oil stockpile of the week ending on Dec.25 by 2.629m to 487.409m, while the market was waiting for decreasing by 2.5m barrels.

    CL FEB 16 is now above its daily SMA20 but it still undermined over longer range by continued being below its SMA50, SMA100 and SMA200.

    CL FEB 16 could not hold a place above $38.26 which has been its formed lower high last week, after bouncing up from $35.34 low of Dec. 21 which came above its formed bottom at $35.16 on Dec. 11.

    CL FEB 16 daily Stochastic Oscillator (5, 3, 3) which is sensitive to the volatility is having now its main line in the neutral region 47.377 and also its signal which is reading 46.544 now, after topping below the overbought area by retreating from $38.26 on last Dec. 24.

    Important levels: Daily SMA20 @ $37.14, Daily SMA50 @ $40.87, Daily SMA100 @ $42.98 and Daily SMA200 @ $49.03.


    S1: $36.21
    S2: $35.16
    S3: $33.54
    R1: $38.27
    R2: $39.12
    R3: $41.98

    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143

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