OPEC and price action on OIL
Hello traders. Hope you are doing well!!!
As i see, oil is trying to break down this resistance zone. SELL only if the resistance is broken with take profit at the first blue line. And after that expect a small rebound and then sell for the second target on this chart. But I will come with an update at that moment.
AGAIN -- SELL only if the resistance is broken.
Reasons why I believe price is going down :
1. OPEC has announced that they are expecting a slower economic recovery witch in term can be translated in less demand for OIL
2. Price action requires a correction.
3. Christine lagarde made a statement last ECB meeting that makes me be bearish (for more check on my profile my last oil post)
4. Air travel has again been restricted in some countries. The latest one being UK restricting french citizen to travel in the country without the 14 days quarantine
Hope this helps you.
As i see, oil is trying to break down this resistance zone. SELL only if the resistance is broken with take profit at the first blue line. And after that expect a small rebound and then sell for the second target on this chart. But I will come with an update at that moment.
AGAIN -- SELL only if the resistance is broken.
Reasons why I believe price is going down :
1. OPEC has announced that they are expecting a slower economic recovery witch in term can be translated in less demand for OIL
2. Price action requires a correction.
3. Christine lagarde made a statement last ECB meeting that makes me be bearish (for more check on my profile my last oil post)
4. Air travel has again been restricted in some countries. The latest one being UK restricting french citizen to travel in the country without the 14 days quarantine
Hope this helps you.
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