Ahead of OPEC meeting on May, Oil price has been under sell down pressure. Potential extension on production from OPEC tends to neutralize rising active oil rig from US, so oil price has been moving in side way channel year to date. Last trading day saw price residing on support line of upward channel. Shall the support withhold, short term trader could take position by oil ETF to enjoy short term rebound.
Market Calendar on coming week:
(SG: Singapore; CH: China; UK: United Kingdom; US: USA; JP: Japan)
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