Crude Oil drops on oversupply risks and weakening demand expectations
Key Events:
- Trade wars between the world’s largest economies heightens inflation and economic contraction risks
- OPEC plans to unwind supply cuts in April despite oversupply concerns.
- Trump - Ukraine dispute may disrupt oil's bearish trend if tensions escalate with the EU and Russia.
Key Levels:
Oil eyes a 4-year support zone ($63.80–$66), and the potential for the consolidation to extend above that zone persists.
- A close below $63.80 may extend declines to $61.50, $60, and $55 (aligning with the 0.618 Fibonacci retracement of the 2020-2022 uptrend.
- A hold above $68.80 could cap gains at $70.50, $73.50, and $75.
Upside potential on Oil is expected to remain short-lived given the bearish implications of trade wars in tandem with oil's 2022 - 2025 dominant downtrend. A clean close above 78-80 zone may reinforce longer term bullish expectations.
- Razan Hilal, CMT
Key Events:
- Trade wars between the world’s largest economies heightens inflation and economic contraction risks
- OPEC plans to unwind supply cuts in April despite oversupply concerns.
- Trump - Ukraine dispute may disrupt oil's bearish trend if tensions escalate with the EU and Russia.
Key Levels:
Oil eyes a 4-year support zone ($63.80–$66), and the potential for the consolidation to extend above that zone persists.
- A close below $63.80 may extend declines to $61.50, $60, and $55 (aligning with the 0.618 Fibonacci retracement of the 2020-2022 uptrend.
- A hold above $68.80 could cap gains at $70.50, $73.50, and $75.
Upside potential on Oil is expected to remain short-lived given the bearish implications of trade wars in tandem with oil's 2022 - 2025 dominant downtrend. A clean close above 78-80 zone may reinforce longer term bullish expectations.
- Razan Hilal, CMT
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.