Daily Market Roundup – Doha meeting a flop, Longer-term support for oil
Today's daily market roundup with Marcus Ashworth, Chief Market Strategist at Haitong Securities, and Zak Mir, Technical Analyst at Zak's Traders Café. We discuss the Doha meeting and the outlook for oil, and look at single stocks – SGP, TCG and CHOO.
"Doha Meeting – was worthless to freeze production at record level, fooled people"
"Saudi's trying to bust all the shale producers. Saudi's have plenty of assets, fit in the long-term"
"Saudi's need around 2 years to bust the shale producers – yet to accomplish"
"Oil price - $25-$45 range currently – likely to go to the middle part of its range. China still buying. At some point we will be going higher. Longer-term support for oil in the late 30's"
"Short-term relief for oil due to Kuwait strike, or else would have been lower today"
Broker forecasts & Outlook
#SGP – A technical buy
#TCG – Looking to head lower towards 80p
#CHOO – Overall momentum weak. Range-trade
markets, roundup, stocks, indices, Saudi Arabia, oil, brent, wti, china, iran, Kuwait, stocks, sgp, tcg, choo, doha meeting