1. A clear break of 58.2 would see the yearly high of 59.02 being tested
2. However even after OPEC's meeting and the supply disruptions in the past 3 weeks, prices couldn't break the yearly high set prior to the meeting thus my view is that 58.2 would likely hold
3. If this is true, a test of 57 seems to be the case after the X'mas holiday
* Any extreme correction in the financial markets or negative news in OPEC/non-OPEC compliance will put downward pressure to oil price in the upcoming weeks/months (55 & 52 could be tested in Jan & Feb)
2. However even after OPEC's meeting and the supply disruptions in the past 3 weeks, prices couldn't break the yearly high set prior to the meeting thus my view is that 58.2 would likely hold
3. If this is true, a test of 57 seems to be the case after the X'mas holiday
* Any extreme correction in the financial markets or negative news in OPEC/non-OPEC compliance will put downward pressure to oil price in the upcoming weeks/months (55 & 52 could be tested in Jan & Feb)