USOIL(WTI OIL) TECHNICAL ANALYSIS|
Hello, Traders!
USOIL looks pretty interesting on the higher timeframes
We can see that 50$ is a strong technical as well as phycological level
As well as a nice round number, which is important
The rising resistance line forms a confluence with this resistance
In a point where oil price is supposed to test the level
Based on the fundamental news of a new strain of coronavirus
Which will lead to more lockdowns and subsequent slowdown of the economic recovery
Oil is loosing strength
And while it might test 50$
I think it will drop to retest the strong support area of 40-41$ per barrel
Lets see what will be the markets decision
But I am bearish on oil right now
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