Headlines
• Heating Oil Bounces Off 1.1000 Level Before Retracing Lower
• Gasoline Surges Above 0.60 Level Posting +12% Gain in Asia
• Petrobras to Cut Production & Reduce Capital Expenditures in a Bid to Off-Set Virus Impacts
• US Futures Retreat in Asia Breaking Weeks Uptrend
Headlines
• Crude Recovers 9% in Asia + RBA Cuts Interest Rates to 0.25%
• ECB Plans to Purchase 750 Billion Euro Worth of Bonds to Calm Virus Scare
• China Reports Zero Domestic Cases for First Time
Headlines
• Markets Up 0.5% as Traders Await Weekly EIA Inventories Releases
• Covid-19 Records First Middle East Death (Update)
• OPEC Calls for Meeting with Partners Regarding Coronavirus
Headlines:
- Oil prices last week saw worst performance in months on the backs of fears from the Coronavirus
- China extending Chinese New Year holidays in order to stem the spread of the virus
- Oil finishes the week down -8.50%
- Baker Hughes sees rig count for the week past down in the US -2 rigs
Looking at the wave structure, we have broken the low of the internal A wave of this corrective structure. We should see a C wave up to $2 over the coming months. Note, looking at RSI, every time it has entered this level, it has quickly reversed. On the 4H TF, there's bullish divergence too. So we should see a decent spike regardless. However, this is a long term...
From a technical point of view, GAS OIL could develop a harmonic structure as shown on the chart.
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