Theperfectionist
Short

Overall view of WTI Crude Oil - Analysis of August 26th's Week

OANDA:WTICOUSD   West Texas Oil
Fundamental: The biggest concern for traders is the escalation of the U.S.-China trade dispute that will likely lead to further downward revisions in U.S. and global oil demand growth. Likewise, crude oil value is pegged to the US dollar meaning that any appreciation will favour a decline of the commodity prices, as same as a depreciation drives prices higher. Fears over slowing world growth denting demand for crude should ensure Oil prices remain depressed in the short to medium term.

Technical: Since the beginning of the month, the energy commodity rallies, fuelled by an increasing daily traded volume . After settling around the supply level , there was a subsequent bearish pressure and a willingness to push prices back to the demand level . The bearish move is sharp however shows some weakness with an increasing number of rejection bars.

Advice: Stay bearish and sell every high points while we don't break upside 55.000 Level, with a target @52.000.
Trade active: We already have a positive trade with a 1:1 profitability.
Trade closed: stop reached
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