Forex Review Online
No Result
View All Result
  • Home
  • Crypto
  • Education
  • News
start trading today
  • Home
  • Crypto
  • Education
  • News
No Result
View All Result
Forex Review Online
No Result
View All Result
Home ANALYSIS

Oil loses the plot, what’s next?

A.R Chowdhury by A.R Chowdhury
August 19, 2021
Reading Time: 1 min read
0

WTI crude is down to fresh lows since 24 May

Oil D1 19-08
Oil is finding itself in a rough spot technically as it continues its losing streak from last week to break the double-bottom support seen closer to $65 yesterday.

Price is down by another 1.6% currently in fall to $64.40 as the downside looks to intensify – at least from a technical perspective.

I’ve been an oil bull for quite a period of time already but my conviction has been watered down quite significantly over the past few weeks:

The shift in the technical picture adds reason for a further dip potentially as demand outlook as been dampened by delta variant concerns.

I don’t see anything changing on the supply front so it is looking like things are going to shape up to be more of a risk trade i.e. trade on the global economic outlook and virus situation over the next few weeks at least.

As things stand, I wouldn’t rule out a further drop to the May lows @ $61.58-70 next and a likely test of the 200-day moving average (blue line).

The structural view is that oil prices should pull higher eventually in the long-run i.e. 12 months from now, but it isn’t wise to be fighting the short-term narrative at the moment.

Source link

RELATED POSTS

EURGBP erases gains and returns to a familiar bias defining level

New highs for US stocks. The Nasdaq continues to lead

USDJPY has 3 key technical levels that have stalled the rally higher today

ShareTweetPin
A.R Chowdhury

A.R Chowdhury

Related Posts

EURGBP erases gains and returns to a familiar bias defining level
ANALYSIS

EURGBP erases gains and returns to a familiar bias defining level

August 14, 2022
New highs for US stocks. The Nasdaq continues to lead
ANALYSIS

New highs for US stocks. The Nasdaq continues to lead

August 14, 2022
USDJPY has 3 key technical levels that have stalled the rally higher today
ANALYSIS

USDJPY has 3 key technical levels that have stalled the rally higher today

August 14, 2022
WTI crude oil futures settle at $92.09
ANALYSIS

WTI crude oil futures settle at $92.09

August 14, 2022
Bitcoin technical analysis, bulls might be giving up soon
ANALYSIS

Bitcoin technical analysis, bulls might be giving up soon

August 14, 2022
The weekend forex technical report for the week of August 15, 2022
ANALYSIS

The weekend forex technical report for the week of August 15, 2022

August 14, 2022
Next Post

Dollar strength the key theme as we get into European morning trade

NZD/USD downside runs further, still more room to roam from a technical perspective

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

The USD falls vs all the major currencies this week except one

The USD falls vs all the major currencies this week except one

September 3, 2021

USD/JPY gradually creeps higher, approaches the 100-day moving average

July 7, 2020
USDCHF moves up to test the July high and backs off

USDCHF moves up to test the July high and backs off

September 16, 2021

Popular Stories

  • The USD is the strongest and the NZD is the weakest as the NA session begins

    0 shares
    Share 0 Tweet 0
  • New highs for US stocks. The Nasdaq continues to lead

    0 shares
    Share 0 Tweet 0
  • EURGBP erases gains and returns to a familiar bias defining level

    0 shares
    Share 0 Tweet 0
  • What is forex and How does it work?

    0 shares
    Share 0 Tweet 0
  • What is CFD trading?

    0 shares
    Share 0 Tweet 0
Forex Review Online

© 2022 My Forex Review - Designed with Jnews Theme.

Navigate Site

  • Home
  • Crypto
  • Education
  • News

Follow Us

No Result
View All Result
  • Home
  • Crypto
  • Education
  • News

© 2022 My Forex Review - Designed with Jnews Theme.