Oil price plunged from its 3 years peak on last trading day. Few negative factors such as OPEC and Russia signaled potential rising in supply as well as rising production from US Shales. Next week, price could test support ~ 63 which saw triple top break up around last April. Regional conflict and Iran sanction might provide support to the downfall. Saudi Aramco listing might be one reason why Saudi shall be committed to keep production in check. Since oil price has been rally more than 1 month, the downfall could price could present trading opportunity.
Trade on bullish Oil: Oil ETF (ticker: DBO)
Trade on bearish Oil: Inverse Oil ETF (ticker: SCO)
Market Calendar on coming week:
(SG: Singapore; CH: China; US: USA).
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