As oil price have crashed the latest month, will it keep falling or bounce back.
Oversold- Oil have been over sold since the start of the fall. Is this the bottom or just first rest. If oil reverse or keep going down in the 40´s . if oil should fail to break 54.48 - 55.0 i see oil hitting lows on 2017 at 42$.
If however oil break the trend it should trade around 60$. With lower outputs from OPEC and Russia coming into play in 2019.
With no big changes in oil reserves and production keeps pumping more oil the price drops down to the 40$. But, however i dont see oil trading at 40$ for a long time. going down to revers back up as oil reserves going down and a lot of companies need high oil price to stay profitable.
Going down to the Fib retrenchment at 42.5$. the reversing back into 55$-60$ range.
Oversold- Oil have been over sold since the start of the fall. Is this the bottom or just first rest. If oil reverse or keep going down in the 40´s . if oil should fail to break 54.48 - 55.0 i see oil hitting lows on 2017 at 42$.
If however oil break the trend it should trade around 60$. With lower outputs from OPEC and Russia coming into play in 2019.
With no big changes in oil reserves and production keeps pumping more oil the price drops down to the 40$. But, however i dont see oil trading at 40$ for a long time. going down to revers back up as oil reserves going down and a lot of companies need high oil price to stay profitable.
Going down to the Fib retrenchment at 42.5$. the reversing back into 55$-60$ range.