My Crude Oil Trading Strategy: Sell the throwbacks
Lack of demand. The slowdown in global economies.
If there is no demand, the supply part of the game loses its importance.
Even the drone attack on Aramco facilities could not send the prices above 63$.
Trade talk optimism and tanker attack helps Oil prices to recover near term – Just a technical...
WTI is weak both fundamentally and technically.
IEA, WTO, IMF, OPEC lowered their Global Oil Demand forecasts.
Potential throwbacks are selling opportunities.
The first level to add short is as described in the chart.