Concerns about slowing economic growth have caught investors’ attention.
Oil made its double top and sold off last week. This drop shakes out many oil speculators.
Due to coming president election champion, the price needs to stay within an acceptable range for the administration’s political hopes.
The 105-95 range could become this week’s trading range if last Friday’s low 95 area holds up.
The price could form a head-and-shoulder pattern with double heads in the next weeks.
We are looking for 106-108 range for the resistance zone. Use 110 area as major stop loss for short side.
This is an excerpt from the free Weekly Market Preview published by Naturus. To see the complete document, visit http://naturus.com
Oil – Daily chart
