Hi Folks:
After 20% fall we have entered a bear market in USOIL and we are not far from it in BRENT.
Price is currently sitting on the EMA 200 on the daily timeframe and failing to bounce it will continue its crash to next three supports shown in the chart (See purple arrows).
64.60 would be the most immediate support for bears, followed by 60.30, the critical psychological support.
I think price may resist at such levels due to OPEC+ meeting this week and most probably they will cut their output again to save the price from plummeting.
Volatility index (VIX) is very high and some Middle Eastern markets opened today with a crash of -5%. Keep that in mind before going against the market mood. Big money moves the market, not you or me :)
STAY SAFE. Cheers
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After 20% fall we have entered a bear market in USOIL and we are not far from it in BRENT.
Price is currently sitting on the EMA 200 on the daily timeframe and failing to bounce it will continue its crash to next three supports shown in the chart (See purple arrows).
64.60 would be the most immediate support for bears, followed by 60.30, the critical psychological support.
I think price may resist at such levels due to OPEC+ meeting this week and most probably they will cut their output again to save the price from plummeting.
Volatility index (VIX) is very high and some Middle Eastern markets opened today with a crash of -5%. Keep that in mind before going against the market mood. Big money moves the market, not you or me :)
STAY SAFE. Cheers
-------------------------------------------------
Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.
Note
Omicron is being studied and symptoms are milder than feared. That's why oil is recovering very nicely and so far respecting this new channel. In the mid term I am still a bit pessimistic as oil is heading again into surplus on Q1 - 2022 so we will revisit 65-68 in the coming weeks.
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.
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.