Technical, H1 TIME FRAME 21 Ma Crossed 50 Ma, AND 50 Ma approaching 250. There is a chance the price continue falling, HOWEVER 49-50 AREA SHOULD and most likely will Offer a very strong SUPPORT, and price is expected to bounce FAST from there as buyers will jump in. ALSO THE TREND LINE is broken and closed under it.
Fundamental, OPEC has announced cut production last meeting and hinted further cut will happen if needed, giving a strong signal, They want prices to not drop to the 45 level. GULF countries rely mainly on oil revenue to support their budget, A DROP to 45 wil trigger production CUT, NO RECESSION globay to get us back to 45 level. US DOLLAR will drop, making oil prices more expensive, slightly like gold. USA CHINA trade deal once announced, STOCK will fly and OIL as well, slightly USDJPY will go up, but will never break 111 LEVEL, so gives a great price to sell it above 110.
How can I trade oil, ****DON'T SELL IT NOW****, WAIT TO DROP TO 50 AND BUY IT WITH A BUY SIGNAL, IF IT DROPS AGAIN, HOLD YOUR POSITION WILL BE 49. THEN IT SHOULD CONTINUE TO 57-60 LEVEL.
OIL DROPPED AS EXPECTED, THIS IS A GOOD PRICE TO BUY NOW. SMALL LOT SIZE. THUMPS UP IF YOU LIKE MY ANALYSIS. THIS TAKES A LOT OF WORK AND CONCENTRATION TO MAKE AN ACCURATE CHART FOR US HERE.