OPEC+ proposed a 600k supply cut through to June but are still awaiting to sign off on it, with slow down in global demand this black gold asset price are keep moving lower and in technical perspective Oil traded within the major demand area $50.00 to 52.00/barrel. if big oil cartels keep delaying the agreement on supply cut it will send the oil back to the December 2018 low. _________________________________________________________________________________________________________________________________________
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Disclaimer the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. _________________________________________________________________________________________________________________________________________
Long, short, long, short, short long. Recap of your oil ideas last week or so :)
I suggest at least update the old ones
InvestingScope
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Valid pattern it the rejection takes place on the intermediate line. We are focusing more on the long term. A break above the 4H MA50 can deliver a new uptrend based on Oil's recent historic performance:
SamadeusM
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Thank you! What about the RSI?
LCFXpro
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@SamadeusM, Personally i will prefer to buy above 52.00/barrel