jessi061

Oil Possible Retracement?

Long
TVC:USOIL   CFDs on WTI Crude Oil
Mnuchin said the US will purchase 77 million barrels to re-fill the strategic petroleum reserve. A positive headline on pharmaceutical treatments changing the overall sentiment for now which helping rebound on comdolls and some equities. I would not say an overall reversal but this kind of positive reports may shift the sentiment for a short period of time which can help commodities and risky bets to rebound at certain level.
Comment: Trump: FDA has approved chloroquine for use in COVID-19!
Comment: Trump: Chloroquine is a generic drug that is now approved for use. Gilead's Remdesivir is 'essentially' approved too.
Comment: The US is mulling a diplomatic effort aimed at getting Saudi's to cut production. May seek further sanctions on Russia. The strategy follows US oil companies lobbying to get the president to ramp up diplomatic intervention. The goal would find a way out of the price war that has seen the market plunge over the last week or so.
Comment: Nice try yay it hit 27! If this retracement works perfectly 38.20% may be a case in coming weeks
Comment: It hit 28 now yay! Retracement was valid!