FX:USOIL   CFDs on Crude Oil (WTI)
I can see a clear trend reversal after hitting a major resistance point at $50. This leads me to believe than in the short-run there is enough room for oil             to tumble. Scenario #1 is that there is a weekly window during which oil             will fall to around $45 and bounce off. Scenario #2 is that oil             tumbles down to its previous major level of support at $29. Overall I have a bearish sentiment on oil             . This mainly stems from OPEC's inability to regulate supply. More specifically, I see no intention from S.A.             to cut its supply. This leads me to think that the market will revaluate oil             at around $30. That is mainly due to S.A.'s ability to produce oil             at a cost of $20-25 -per barrel which in the short term will create a market failure.
Trade closed: target reached
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