Crude oil analysis – 9 March 2020

0

This post is also available in: فارسی (Persian)

 

By: Ahura Chalki

The adult’s childish Game!

Crude oil declined almost 33% in the early Asian season, under $28. There is one reason and no more and it is a childish game of OPEC + members after they could not agree on a unified production reduction program. Russia did not agree with OPEC members’ 1.5M barrel reduce and OPEC in response, canceled all production limits, market collapsed and this what happened next.

For now, the market will have unexpected movement, waiting for any update from important producers and decision-makers of WTI.

WTI technical analysis:

Technical indicators have mixed signals, however, mostly supporting the more bearish at the moment. However, since we have a very big and unexpected Gap, today’s movement will form the technical indicators in a more understandable situation.

Pivot point: 42.78

Resistance levels: 44.36 / 48.00

Support levels: 39.14 / 37.56 / 30.70


Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.

LEAVE A REPLY

Please enter your comment!
Please enter your name here