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WTI (Crude Oil)

WTICOUSD UPDATE!!!!!Hi Traders, Price found resistance around the $50 mark which can be considered a psychological level too. The rejection was large as the price of oil has been in a bullish trend ever since the hoped of a vaccine came out. The velocity of the rejection can also be thought to be in combination with the way economies are dealing with the distribution of the vaccine as well as deciding types of restrictions over the holiday season. Closer to home, it can be argued or not that the UK has handled the COVID 19 situation worse than any other nation, with even more fears arising as a new strain of the COVID 19 develops. We have also seen France shut its borders to movement from the UK. The next question to ask is who is next to shut their borders as well as potential further lockdowns to economies over the world as this new strain develops. Looking at the price action it looks like we may be in a small range, between the two grey boxes with a rejection from the top one adding to confirmations for price to move lower. Thanks The Market Sniper Team
OANDA:WTICOUSDShort
by Market-Snipers
WTICO/USD UPDATE!!!!Hi Traders, We have here an update on crude oil. Oil is still extremely bullish, the red candle on the 14th Nov, (circled on the chart) clearly shows a test of support as well as testing the ascending triangle. However, we must be careful as there are fundamentals to watch out for. The biggest one being the vaccine. As the vaccine continues with distribution as well as the Moderna vaccine waiting to have the go ahead price will most likely continue to move slowly. We will also need to watch out for the efficacy of the vaccinations as this will be of great importance, COVID 19 cases are also surging which could be an indication of further restrictions on economies or even worse a continuation of lockdowns which would be the more severe outcome. The next resistance level for oil will be around the $49.5-$50. Thanks The Market Sniper Team
OANDA:WTICOUSDLong
by Market-Snipers
WTICOUSDMonday Open 23/03/2020 World getting worse by the sound of this mornings News 2000 dead in Italy over the weekend, businesses shutting down especially shops on the street some big names and many many Airlines Emirates included more businesses will follow for sure. Cash flow chain broken = Recession. If this isn't the ultimate recipe for a recession i don't know what is maybe Volcano explosion or Asteroid hit ? Don't forget Arabs have said they will go to $8 a Barrel.
OANDA:WTICOUSDShort
by NZ_Shareman