Crude oil price rise is trying to climb back to the level of US $ 30 per barrel

Crude oil price rise is trying to climb back to the level of US $ 30 per barrel

  in order to coincide with the release of Chinese negative economic data and Iran's readiness to return to the international arena, crude oil prices are trading in the middle of the European session at $ 29.75 per barrel. Released at dawn on Chinese GDP, where the Chinese economy was able to record 6.9% growth rate through 2015, the slowest pace since 1990, is worth mentioning that the Chinese government has targeted a growth rate of up to 7%. In addition to the rate of growth, we have also witnessed the decline of China's industrial output rose 5.9% after forecasts referred to 6.0%. On the other hand, Iran is preparing to return to the international arena at all levels, which is expected to increase in Tehran last month after the lifting of international sanctions against it, half a million barrels of oil daily production, which will increase the supply glut. It does not give political convulsion between Tehran and Riyadh any glimmer of hope to agree on daily production, but when politics interfere Nothing is impossible to reach an agreement. As long as the price is below US $ -3130 line continuation of the bearish bias there.

Selling below the level of US $ 30 with a primary objective centers at 28.35 and 28 line as a target Next.

Pivot Point: US $ 30 per barrel

Baseline scenario: Sell below the level of US $ 30 centers with a primary goal at 28.35 and 28 line as a target Next.

The opposite scenario: above the level of US $ 30, you can search for increasingly high with 30.75 and 31.6 line key targets.

Comments: As long as the line 30 is a resistance line, there is a bearish bias.

3 support line 27.5

2 line support 28.00

Support 1 line 28.35

Current price 29.75

Line resistance 1 30.00

Line resistance 2 30.75

Line resistance 3 31.6