Weekly crude oil trend
We have not updated crude oil weekly analysis since 2 weeks . Crude oil were trading in a narrow range so we avoided it . This week weekly crude oil trend will give you insight of this week major levels on oil . Last week crude oil highest point was 45.10$ . Lowest point was 40.25$ last week .
This week crude oil has a weekly oil support at 38.20$ once market break this and close below this then expect crude oil to correct upto 36$ – 34.10$ and even more correction not ruled out in crude oil .
If crude oil price break our weekly crude oil resistance at 43.10$ and close above our weekly crude oil resistance then expect market to test upto 45.50$ – 47.30$ and even more .
Weekly crude oil trend conclusion : Weekly crude oil trend is weak for now . So avoid major buying trade in crude oil .
Last week ISIS has attacked paris . So many casualities and so many injured . This week G-20 meeting could come out any attack plan on ISIS . If some more attack happens in ISIS area then it could effect crude oil prices . This week market could give wild move if something more happens in ISIS area . Crude oil could give 4-5% move in single day if france and other Nato nation decide to attack ISIS in syria .
G-20 meeting is crucial . So keep an eye on its outcome . French minister skipped this meeting so expect a surprise in mid week from france . We should be expecting an attack on ISIS area and a jump in crude oil once this attack take place . Main thing is where this attack would take place and how long they will attack . This is just a theory but pretty possible scenario for next week . If they do not attack in syria or any other ISIS place then expect more lows for crude oil this week .
More will update during live market hours if something unexpected happens .