The markets are open on Sunday in the Middle East and we have seen follow through with the sell off that rocked the equity markets in Asia, Europe, and the Middle East. This does not always reflect a continued trend on Monday morning’s and is rather more of a completion of the previous week. (See Dubai down 7%; BBC).
Our target for Crude remains the same. Our first support lies at $35 with the major support at $32-$31. It will take a yearly closing below $35 to warn of a drop back to the OPEC Uptrend line (shown above) which rests back at the $15 level over a 9 to 10 year period from the 2007 high.
