MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Global macro overview for 26/01/2016

Global macro overview for 26/01/2016:

Crude oil prices are in the spotlight again as they fell back below the $30 a barrel. The recent remarks from Kuwait and Iraq regarding the willingness to cut oil production in coordination with other non-OPEC countries did not help oil prices rise. There is still plenty of supply in the market; moreover, the Iraqi oil production hit a record in December as the output increased in the southern and central fields.

From the technical point of view, there is an interesting situation as oil prices might be forming a double-bottom pattern. The first leg of this pattern is already in place and now the lower channel line is being tested around the important psychological level of $30. The bearish engulfing pattern in the daily time frame must be confirmed by another daily downside candle to confirm this scenario. If it is successful, we might see another test of the low at the level of 26.16.

oil.jpg

The material has been provided by InstaForex Company - www.instaforex.com