WE HAVE ANOTHER ANALYSIS FOKS!
AFTER GAP FILL AROUND THE $40 MARK FOR CRUDE OIL, WE CAN
EXPECT A POSSIBLE CORRECTION IN PRICE TO THE $37 LEVELS
IF PRICE RESPECTS THE $40 - $41 RESISTANCE ZONE
IF PRICE RESPECTS THE MARCH 6TH 2020 LOW $41.19
*TONS OF USD NEWS DUE THIS WEEK AS WELL AND NOOOOO CAD NEWS (ASIDE FROM SPEECHES)*
GOOD LUCK AND HAVE A GREAT...
The longterm trend in oil is weak, Gov bond around ATL signaling low inflation/low growth.
12 dollar would be a retest of the 1999 low, and a new millennial bottom.
You could also argue that the worst is over in oil and tripple bottom is in play at 20.
Or we hit 50 dollar and the longterm trend has turn for now.
Probabillity leaning towards the downside since we...
The WTI broke all the supports, the 20M BPD wasn't enough and the market is discounting this.
I expect more sellers and a touch of the support at $12
From there, the price should go to at least 17/18
$12 a petrol barrel is a long term gift, the same price of a papa john's pizza
It's one of the most popular commodities to trade nowadays due to the crazy volatility
Right now the OIL is having a big sell off
Probably will continue dumping until the 20s level which is an important demand zone