Sforex

Oil : Test critical point. Weak Dollar helps Oil, but beware.

NYMEX:CL2!   LIGHT CRUDE OIL FUTURES
130 2 4
I see Oil             price reached critical point at $50

Oil             moved above Kumo cloud, and test SMA100+SMA200 ( Converge in same point)

$50 is a strong resistance.

Recent weak of USDollar             helps oil             to recover, if USDollar             continues its sel-off, I think oil             price could extend more.

However, I think this rally is unsustainable.

The main reason is global economy is in slowdown period from China, Japan to EZ even US begins to halt.

Hence, the demand of oil             is very low, while the supply is very high, OPEC and US don't cut production.

I think the uptrend of oil             is limited, and we do not expect oil             back $70 ,$80, or even $100

I agree; we should always look at fundamentals. That said, how do you explain the very fast rise to 61 last spring? Sometimes things happen for no sound reason
Reply
Sforex Persil
Weak Dollar.
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out