tom.baor

USOIL Downtrend?

Short
TVC:USOIL   CFDs on WTI Crude Oil
Technical perspective
The first wave (24 of Dec 2018- 22 of April 2019 of the correction seems to be over, however, we might revisit 67$ area before going down.
I suspect that we will reach the 60$ area within the next 60 days period.
Structure-wise, the first "leg" (A wave) is opening the possibility for an extending structure, before the downtrend, or the consolidation phase.

Fundamental perspective

Venezuela, Libya, Iran, and Russia are having different problems for exporting at the moment, which support the appreciation of the TVC:USOIL trend.
However, Saudi Arabia (Aramco) has been reducing production in order to support TVC:USOIL prices but has the potential to cover up for the "lost" of production of Venezuela, Libya, Iran, and Russia.

You can follow here on OPEC oil production: https://www.opec.org/opec_web/en/publica...

Trade with care,

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