WTI- Crude Oil, Market recovery ? Or dead cat bounce
After the historical sell off that we have recently seen in oil last month it is normal to see a quick price recovery back to normal levels. It has been in a downtrend since the start of the year, and now some country's and states are slowly easing lockdown restrictions which will start to see a demand for crude again, Although all storage spaces are full Opec are still announcing oil cuts as the weeks go by.
So with that said the demand for oil will soon start picking up as flights will soon begin to resume in some countrys interstate, and international travel will soon resume for Australia to New Zealand trans-tasman flights.
So after testing the $33 resistance area we have seen a slight pullback where price is now consolidating, A run up to $41 seems likely to me (no time frame given) which is also the 61.8 fib retracement on the daily time frame, and will also fill the huge gap that was formed from the 7th of March.
But then again fundamentals can just blow all Technical Analysis out of the water.
Remember, Dont trade on anyone else's ideas but your own, At the end of the day we trade for ourselves no one else. So this is my idea on WTI crude hope yous enjoy my idea.
:)
So with that said the demand for oil will soon start picking up as flights will soon begin to resume in some countrys interstate, and international travel will soon resume for Australia to New Zealand trans-tasman flights.
So after testing the $33 resistance area we have seen a slight pullback where price is now consolidating, A run up to $41 seems likely to me (no time frame given) which is also the 61.8 fib retracement on the daily time frame, and will also fill the huge gap that was formed from the 7th of March.
But then again fundamentals can just blow all Technical Analysis out of the water.
Remember, Dont trade on anyone else's ideas but your own, At the end of the day we trade for ourselves no one else. So this is my idea on WTI crude hope yous enjoy my idea.
:)