Oil has been selling off increasingly over the past week. So much so it's at extreme oversold conditions and at support(which has broken but not confirmed). We will have to see what happens on Monday.
The coronovirus has everyone on edge which doesn't make much sense, as it apparently would affect demand ... I think they're just trying to justify this extreme sell off.
So my view is the market overreacted to the overbought conditions from the Iran attack and sold off too hard. I'm expecting a swing back to 59 at least.
The coronovirus has everyone on edge which doesn't make much sense, as it apparently would affect demand ... I think they're just trying to justify this extreme sell off.
So my view is the market overreacted to the overbought conditions from the Iran attack and sold off too hard. I'm expecting a swing back to 59 at least.
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We ended the day above 54. Weekly chart ended on a strong red candle so be wary of a further down fall in the start of the week but we are starting to encounter really good buy zones to scale in.
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If price doesn't manage to squeeze higher and goes into a range to retest 52.5 - 52 there's a high likelihood we dip into the 52-50 zone.
If price doesn't manage to squeeze higher and goes into a range to retest 52.5 - 52 there's a high likelihood we dip into the 52-50 zone.
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