SaxoTV

O'Hare: Oil poised for 'significant move lower'

630 views
December 08, 2015 OI, com, comm, commodities, commodities markets, commodities prices, commodities supply, commodities trading, commodity, commodity index, commodity investing, commodity investments, commodity market, commodity markets, commodity outlook, commodity prices, commodity strategy, commodity trade, commodity trading, iiliquid, ioil, oikl, oil, oil 100 price, oil 50 a barrel, oil 80 a barrel, oil and gas, oil and gas engineer, oil and gas services, oil and gold, oil asia, oil barrier, oil bounce, oil capital expenditure, oil cargo, oil commodities, oil companies, oil company, oil consumer, oil crash, oil crisis, oil currencies, oil currency, oil decline, oil declines, oil demand, oil dollars, oil down, oil drop, oil egypt, oil equity, oil exploration, oil futures, oil gains, oil gold corn, oil grilling, oil growth, oil hits 80 dollars, oil industry, oil inventories, oil iran, oil levels, oil libya, oil majors, oil market, oil market', oil market', oil markets, oil news, oil opec production, oil outlook, oil pressure, oil price, oil price fall, oil price targets, oil prices, oil prices 2015, oil prices historic, oil producers, oil production, oil range, oil refinery, oil sector, oil selloff, oil services sector, oil shutdown, oil spread, oil stockpiles, oil stocks, oil supplies, oil supplies threatened, oil supply, oil tankers, oil target, oil targets, oil trading, oil trading', oil trading', oil trading', oil trading', oil up, oil us shutdown, oil wealth, oilsupply, oioi, saxo tv, tradingfloor.com, wt, wti, wti 50 a barrel, wti and oil, wti brent, wti brent spread, wti crude, wti crude oil, wti crude prices, wti export russia, wti keystone, wti price, wti russia, wti russia us, wti supply, wti ukraine, wti us, wti vs brent, wticrude, wtr
Steve O'Hare sees bearish momentum in WTI which he believes should result in a further significant move lower. The medium-term outlook remains negative with oil pressured after the OPEC meeting ended in disagreement.

The technical picture has broken lower from an Expanding Wedge and the August lows have been breached .

Support is around USD 32.50 - 34.00 with the hourly chart forming a Bearish Flag  


Sell a break around recent lows at USD 37.50
Targets: USD 34.00 32.50
Stop: USD 39.00