There we go. A failure to rally above 62 led to an utter devastation, sliding below 550/BRL within days scattering the hopes of bulls of a repeat of 2009 V-shape recovery.
54 was an important support level which unfortunately failed to even hold. It is now a significant resistance.
Entry: 52.6
S/L: 55.39
T/P: 37~39
With other industrial commodities like Steel per tonne sliding below the price of cabbage per tonne I doubt oil will be 'any different' this time. Economical condition is worsening.
What about Iran's oil that's about to flood the market?
Steel
Copper
Platinum
---------------------
Oil Monthky:
54 was an important support level which unfortunately failed to even hold. It is now a significant resistance.
Entry: 52.6
S/L: 55.39
T/P: 37~39
With other industrial commodities like Steel per tonne sliding below the price of cabbage per tonne I doubt oil will be 'any different' this time. Economical condition is worsening.
What about Iran's oil that's about to flood the market?
Steel
Copper
Platinum
---------------------
Oil Monthky:
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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.