USOIL - CURRENTLY TRENDING IN AN UNCERTAIN ZONE !
HI EVERYONE!
Here we want to share both the analysis i.e.
Technical analysis and Fundamental analysis on CRUDE OIL.
Technical : As we look in the chart and as per the trend which
is forming the prices of the CRUDE OIl will slip to another $5 - $6
from the current levels. DMA's are very in the very bearish
pattern, ICHIMOKU CLOUD is also not giving positive signals,
LMACD is also weak, but here we cannot ignore the RSI, which
is stating that there is some buying forming at this level. So we
cant see a clear direction in which the USOIL is going to trend.
Fundamentals : Now if talk about fundamentals of the USOIL, we
are currently seeing that stocks of crude oil are pilling up as the
supply is effected badly due to the spread of corona virus in china,
and will also remain effected in the long course of time until the
demand in china come to the normalcy, But here we have some news
coming in from saudiarabia and russia that they are thinking to cut the
oil production to maintain the balance between demand and supply.
Now the question is that what should we do now?
So we can see here that the prices currently are trading between the $50-$52 zone,
which has always been a confusing/crucial zone.
We are expecting that if the prices go down from the $49.50 levels it will go further
down to $5-$7 ( which will create an opportunity to buy).
Or if the price surpasses the $52.50-$53 it can go upward to touch around $60-$63.
But in the near future the prices wont make the highs as there will pressure due to the
decreasing demand from china.
Thank You
YO CRYPTO!
Here we want to share both the analysis i.e.
Technical analysis and Fundamental analysis on CRUDE OIL.
Technical : As we look in the chart and as per the trend which
is forming the prices of the CRUDE OIl will slip to another $5 - $6
from the current levels. DMA's are very in the very bearish
pattern, ICHIMOKU CLOUD is also not giving positive signals,
LMACD is also weak, but here we cannot ignore the RSI, which
is stating that there is some buying forming at this level. So we
cant see a clear direction in which the USOIL is going to trend.
Fundamentals : Now if talk about fundamentals of the USOIL, we
are currently seeing that stocks of crude oil are pilling up as the
supply is effected badly due to the spread of corona virus in china,
and will also remain effected in the long course of time until the
demand in china come to the normalcy, But here we have some news
coming in from saudiarabia and russia that they are thinking to cut the
oil production to maintain the balance between demand and supply.
Now the question is that what should we do now?
So we can see here that the prices currently are trading between the $50-$52 zone,
which has always been a confusing/crucial zone.
We are expecting that if the prices go down from the $49.50 levels it will go further
down to $5-$7 ( which will create an opportunity to buy).
Or if the price surpasses the $52.50-$53 it can go upward to touch around $60-$63.
But in the near future the prices wont make the highs as there will pressure due to the
decreasing demand from china.
Thank You
YO CRYPTO!