CRUDE OIL Price Will Drop To $20 or Worst $18.15| 3rd March 2020

Price oil not only has been a target to a massive selling from investor but the oversupply from the country exporters while China that has to be no.1 oil purchaser has not buying oil price as per regular basis. As per chat on monthly timeframe, there was a significant supply has been going on in the market recently. The chart clearly shown that the supply of oil still continue to supply even the crisis of pandemic has gotten worst.

To prevent this to be oversupply, the oil producer has being in the decision to cut the oil supply so that to maintain the fair price of oil around $50 per barrel.
While this cut is implementing, it will takes time to be control. The price right now closed around $45 as 1st March 2020.

The price has done the correction pattern which is why it tends to slope against the prior uptrend. It is a short term pattern and this will tally to the cutting implementation from the oil producers countries.

I am predicting the price of oil will bearish hitting around $20.00 or worst $18.15 per barrel before it will continue bullish to meet the fair price.


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Regards,
Zezu Zaza