Brent Oil Short

OANDA:BCOUSD   Brent Crude Oil
Short 58.00-58.50 TP 54.00

Technical Levels
58.00 level is confluence of fibonacci numbers - 23.6, 38.2 and 61.8. It is a role reversal resistance as well.

Fundamental Catalyst:
- Corona Virus fears
- Indecisive OPEC and OPEC+ supply cuts
- US continuous production of oil

Headwinds to Short Position:
- Continuing Libyan conflict
- Any Middle East tension

Speculative Catalyst:
- Resolution to Libyan conflict. Libya is losing money with the current situation. If they resolve and decide to continue oil production, supply of oil will again go up, pressing price down.


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