WTI Oil - short from 50 $ - Economy is still weak
After a nice and healthy retracement from around 42 $ ( this was expected first real support area) up to 49,40 is the first big resistance not far away. I expect price dumps from 200D moving average price line which is between 49,90 $ and 50,10 $. Targets are drawn in the chart.
Remember that world economy is going down and most of oil producing countries are not slow down the oil production. USA is sitting on historic oil barrel amounts but there is no big demand.
Remember that world economy is going down and most of oil producing countries are not slow down the oil production. USA is sitting on historic oil barrel amounts but there is no big demand.
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The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
