I'm gonna size in big next week. Oil market could have completed a longterm tripple combo correction cycle since the latest bubble rally. There have been a choppy zig zag period for a couple of years so there's good possibility a new trend will arise out of this crash. What could trigger a rise is if OPEC+ and US decide to increase oil prices targeting China as a debt for them instead of tariff taxes for bringing Corona. They are the no.1 consumer of oil so that would be a reasonably thing to happen consider the trade war. High prices are also quickly needed inorder to avoid further bankruptcies in the industry. Otherwise this will lead to further big issues. Oil is having a great amount of impact on the rest of the market so It will also certainly be in feds interest to pump up commodity prices to avoid stock market crash.
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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.