Potential SCENARIO

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24 July - OPEC meeting

SCENARIO 1
no production cuts on Libya, Iraq and Nigeria
The price should go up until top of channel 49.60 (max) and then fall down to low 40 - 39.
PS there should be a strong resistance at 47.30

SCENARIO 2
granted cuts on Libya, Iraq and Nigeria oil production.
The price should go up to test the resistance at 47,30.
There could be a retracement down to low 44 and then run for 10$ OPEC movement over 52-54

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ملاحظة

it appears scenario 2 is playing now.

Tested 47 just before opec meeting.
Down to 44,98 on Friday 21 July.

Opec announcement - for Saudi and Nigeria. BUT . . . Not a real production cut agreement.

Movement up 5-10 $ ...we should see 50-52$