USOIL is now as cheap as it was at the start of 2018. In part, the past month or two of selling has been due to a massive increase in supply.
Both in the USA and from OPEC's actions.
I'm expecting that oil will recover and gain for a couple weeks. This could give strength to the CAD for a short time.
After that, it's a crapshoot. Keep an eye on the news.
-Osbetel
Both in the USA and from OPEC's actions.
I'm expecting that oil will recover and gain for a couple weeks. This could give strength to the CAD for a short time.
After that, it's a crapshoot. Keep an eye on the news.
-Osbetel
Note
Clearly my entry point was wrong. Current support for USOIL is around 55 - 52.
Note
We have a rebound. Watching for further movement or a potential retest.
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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.