Crude/oil going further down
"Oil prices plunged to one-year lows, with WTI back below $50 for the first time since Jan 2019 as global demand concerns trumped OPEC+ jawboning that they could do something to stall the decline."
Due to weak oil demand from china with the aftereffect of the corona virus.
We could see oil go down further as this is just the beginning of the outbreak.
Opec said they will try to stop it but if anything, we will use the previous support as the new resistance.
Short position
Entry $50.60
Target $42
Stoploss $51.60
Due to weak oil demand from china with the aftereffect of the corona virus.
We could see oil go down further as this is just the beginning of the outbreak.
Opec said they will try to stop it but if anything, we will use the previous support as the new resistance.
Short position
Entry $50.60
Target $42
Stoploss $51.60
Trade closed: stop reached
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If you appreciate my technical analysis and want to check out our
Free Newsletter --> diywallst.com/
Free Newsletter --> diywallst.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.