Overall view of WTI Crude Oil - Midterm Analysis

Fundamental View: Oil prices fell almost 7% on Thursday, the most this year, as President Donald Trump’s threat to put additional 10% tariff on China hammered a market already tanking on disappointment over an inadequate U.S. interest rate cut. The fragile economy and looming oil supply surplus will almost certainly be exacerbated by the escalation of the trade war. As a result, the pitfalls for oil are growing.

Technical View: Since the end of June, oil has been on a bearish trend while trying by two attempts to drive prices higher. The 8 consecutive days of consolidation built-up enough volume to create a false upside breakout and dip the energy commodity more than 8%. It is now a selling spike phase eager to settle the security around the demand level .

Target: Stay bearish and sell any high point while we don't break upside 56.000 and aim a take profit around @52.000.

Yorum:

According to the Volume profile, 59.000 was a huge key point and 51/52.000 a strong magnet.

İşlem kapandı: hedefe ulaştı:

Target was reached and prices settled around the demand level or magnet.