Following OPEC signalling potential deeper cut in production, oil price had a 10% rally which gave a push on global index. After digesting the news, price formed a new resistance ~ 50.2. Shall the buying up continue, 54~55 shall be strong resistance area. Vice versa, ~ 47 could be short term support. US active oil rig count has been hovering around 2 years high. Russia and OPEC will meet up for oil production discussion on coming week.
Trade on bullish Oil: Oil ETF (ticker: DBO)
Trade on bearish Oil: Inverse Oil ETF (ticker: SCO)
Market Calendar on coming week:
Last week, non farm payrolls in the US increased by 209K in July of 2017, below an upwardly revised 231K in June but above market expectations of 183 thousand. Coming week, more economic data will be released as below.
(SG: Singapore; CH: China; UK: United Kingdom; US: USA; JP: Japan).
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