The technical pattern of world oil prices shows its vulnerability to immediately break the important psychological level at $ 60 per barrel.

Efforts to reform and major steps towards the performance of state-owned enterprises by the Jokowi government in volume 2 seem to have begun to attract public attention.  The major efforts include giving a bigger and more active role to SOE commissioners.

These steps will certainly attract the attention of the public, especially in a very strategic SOE company, Pertamina where Ahok (or Basuki Tjahaya Purnama) serves as the President Commissioner.

Ahok's power or role, which will become more active in Pertamina than the commissioners in the previous period, is certainly expected to be able to boost Pertamina's performance.

However, the latest challenge from Pertamina seems to be far from Ahok's power which will become even greater.  As published in a number of previous technical reviews, the technical pattern of world oil prices which lately continues to pose a serious threat.

The following daily chart shows just waiting for oil prices (for WTI types) to immediately break through their psychological level at $ 60 per barrel:

The medium-term strengthening trend is still quite solid until now.  While the current position of oil prices is around $ 59.1 per barrel, it is too easy for oil prices to immediately break through this important psychological level.  If the movement of oil prices is able to stay above the range of $ 60 per barrel in a long and consistent enough time, it is too difficult for the government not to increase the frightening fuel prices.

The greater power given to Ahok, might be effective in pushing Pertamina to be more efficient and clean up the oil and gas mafia.  However, the technical pattern illustrated in the graph above, does not seem to be something that can be overcome by giving Ahok greater power in Pertamina.