USOIL WTI losing steam to go upwards
Hi Folks:
At the moment of writing, USOIL is sitting on a support trendline (black line) that has been hit twice and in spite of price action, fundamentals are currently mixed.
On one side, oil supply remains tight due to OPEC+ unwilling to open taps but on the other side the Covid cases in Europe are worsening again with the Netherlands going into a partial lockdown and more to follow such as Belgium and Germany. Eastern Europe is way behind the average of vaccinated people in Europe and the growing number of cases are scary.
Price has been held by big fund managers but I am expecting an important correction in the coming weeks.
In the meantime the chart still valid and price seems to be moving from 80 to 82 repeteadly.
Cheers
USOIL
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At the moment of writing, USOIL is sitting on a support trendline (black line) that has been hit twice and in spite of price action, fundamentals are currently mixed.
On one side, oil supply remains tight due to OPEC+ unwilling to open taps but on the other side the Covid cases in Europe are worsening again with the Netherlands going into a partial lockdown and more to follow such as Belgium and Germany. Eastern Europe is way behind the average of vaccinated people in Europe and the growing number of cases are scary.
Price has been held by big fund managers but I am expecting an important correction in the coming weeks.
In the meantime the chart still valid and price seems to be moving from 80 to 82 repeteadly.
Cheers
USOIL
-------------------------------------------------
Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.
Trade active:
The black trendline acting as a support has been broken out and currently trading above and below. Don't forget tomorrow's API data that could help us to chose sides.
