Oil Pull Backs
Oil has continued down after recession scares start to set in
Oil demand feared to be dampened
But expecting the energy requirement in the world to hold demand, and supply to dampen instead given rising cost. Expecting OPEC to cut supply output citing weakened economy and weakened demand.
Maintaining HTF downtrend
Only seeing longer term buys above previous Sell order block zones
Potential buys on new lows created, pull backs targeting 1D structural support of previous low @ 88.50.
Potential sells at 88.50 and 91.
Oil demand feared to be dampened
But expecting the energy requirement in the world to hold demand, and supply to dampen instead given rising cost. Expecting OPEC to cut supply output citing weakened economy and weakened demand.
Maintaining HTF downtrend
Only seeing longer term buys above previous Sell order block zones
Potential buys on new lows created, pull backs targeting 1D structural support of previous low @ 88.50.
Potential sells at 88.50 and 91.
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