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pinkfloyd12
Aug 18, 2021 9:04 AM

Oil 

Crude Oil (WTI)FXCM

Description

If the oil go up trend
the able can break the resistance
Comments
pinkfloyd12
@Tradersweekly , @Golden-Oar , Do you think oil will go down to 50 ?
Golden-Oar
@pinkfloyd12, depends on
Covid-19 up date and us dollar.
I think 60 is good price for buyers but we have to watch the reaction of the market.
Tradersweekly
@pinkfloyd12, I think if support at 61.50 USD breaks then oil will try another support around 58 USD. Beyond that I have no clue to be honest.
pinkfloyd12
ForexTrendline
what are the next levels that you're looking at?
pinkfloyd12
The world is becoming the two poles of the Western bloc and the Eastern bloc
with the recent events in Afghanistan and get out of NATO troops from Afghanistan
and this is the seal of approval
and if the Joint Comprehensive Plan of Action (JCPOA) Staying without results
and if Israel and Palestine do not continue the ceasefire and go to war
all of this can lead to a regional war
Asia has the most oil in the world
if oil exports from Asia to the United States and gas to Europe are cut off
this is the second economic blow after the economic blow of Covid-19

i have a buy position at 66.50
and today at the price of 67.30, i hedged my account
but we expect 130$ oil in the future.
Tradersweekly
I am watching 65 USD level too. So far strong support there. Lets see if it holds also in the coming days. Thanks you for your post and good luck with your trade!

pinkfloyd12
@Tradersweekly, good analize
Tradersweekly
@pinkfloyd12, Thank you.
Golden-Oar
Oil is more fundamental rather than technical. I think support breakout is more possible regarding economic grow situation right now.
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