USOIL daily TP bears 15 USD/bbl 35% dump(UPDATED)

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USOIL 8hour TP bears 15 USD/bbl (NEW)
IMPORTANT: this is speculative. results are
not guaranteed. this is not trading advice.
always do you own due dill.

This is an update of the setup posted recently.
Pretty much still valid. 30% downside pending.

Ok guys, WTI trading at 22 USD/bbl right now
after steep losses past few weeks.

Based on short-term technicals, I expect yet another
dump next few weeks. TP bears is 15 USD/bbl.
We are compressing into triangle, and since we
are in downtrend, expecting break down and more
losses soon.

This market is unlikely to reach balance anytime soon,
as currently supply is a lot higher compared to demand.
Most of the ground-based oil storage is running at full
capacity now and floating storage is also almost maxed now.

Finally, corona will induce delayed imapact on supply chains,
therefore I expect demand for crude to reduce by up to 50%
quarter over quarter, this in turn will have negative impact
on price mid-term.

Balance price will likely get set near 15 USD/bbl, so more losses
ahead before we reach a a balance.

12 USD/bbl is also a possible outcome, if market remains unbalanced
for more than 3-6 months, this is an extreme outcome, but currently
hard to estimate corona impact going forward.

Longer-term, 32-38 will get re-tested, but this may take literally
12-24 months. So with current data, I expect oil prices to remain
subdued for at least another 6-9 months.

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