Signals from indicators:
- confirmed the price reversal
- confirms the downward movement
- DMI tells us about range market conditions.
Based on the signals from indicators it's more likely that the price will reach the .
China vs. WTI vs. Trumps Trade War
Turning to fundamental developments in crude oil, the Bank of Kunlun (the main channel for financial flows between China and Iran) is set to stop handling payments from Iran next month according to Reuters. While China has accelerated buying crude oil from the Islamic Republic this year, today's development may suggest that China is set to limit purchases of Iranian crude oil going forward. While there are many signs that supply (particularly from Iran) is tightening, this is a smaller factor today thanks to bigger concerns regarding slowing global growth.
Focus on this sentence:
"today's development may suggest that China is set to limit purchases of Iranian crude oil going forward."
Check the timelines:
Focus on this Chart, open it by click on the chart and see the 6 attempts to stop a severe market sell off:
Asian mentality is: Never lose face.
China is offering to USA to break down the Iranian Regime, obviously, if ever this information might be true. China did same with North Korea. Trump now needs to withdraw from his tradwar. China might offer some changes to open its market but it will not surrender.
Focus every day on geopolitics.
Larry Kudrow turned around yesterdays market.
Traders needs to understand, what the effects of November 6th (midterm elections) and 30th (G20 Summit) on stock markets will be. This effect will be huge in both cases.