Crude oil is that it fell rapidly from the 8th March peak 79.5 to 76.85 USD/b. Considering that deviations from means are roughly 10 USD currently the retracement about that amount to the 61.8 Fibo level is quite probable.
Now, the fundamentals: Demand from China looks to be lagging causing the dive, however supplies have remained on the tighter side given OPEC's production cuts and Russian sanctions slowing exports causing price resilience excluding the probabilities of sharp drops, keeping price in balance.
Technically, the price broke a triangle formation that could cause the price to reach the next support at 76 USD/b. However, without retracements to the MA it would be quite surprising
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Information Regarding Important News and Figures can be found here in our Economic Calendar: mau.bdswiss.com/economic-calenda...
Risk Warning: Trading in CFDs is highly speculative and carries a high level of risk. It is possible to lose all of your invested capital. These products may not be suitable for everyone, and you should ensure that you fully understand the risks taking into consideration your investment objectives, level of experience, personal circumstances as well as personal resources. Speculate only with funds that you can afford to lose. Seek independent advice if necessary. Please refer to our Risk Disclosure.
BDSwiss is a trading name of BDS Markets and BDS Ltd.
BDS Markets is a company incorporated under the laws of the Republic of Mauritius and is authorized and regulated by the Financial Services Commission of Mauritius ( FSC ) under license number C116016172, address: 6th Floor, Tower 1, Nexteracom Building 72201 Ebene.
BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles. Payment transactions are managed by BDS Markets (Registration number: 143350).
Now, the fundamentals: Demand from China looks to be lagging causing the dive, however supplies have remained on the tighter side given OPEC's production cuts and Russian sanctions slowing exports causing price resilience excluding the probabilities of sharp drops, keeping price in balance.
Technically, the price broke a triangle formation that could cause the price to reach the next support at 76 USD/b. However, without retracements to the MA it would be quite surprising
__________________________
Information Regarding Important News and Figures can be found here in our Economic Calendar: mau.bdswiss.com/economic-calenda...
Risk Warning: Trading in CFDs is highly speculative and carries a high level of risk. It is possible to lose all of your invested capital. These products may not be suitable for everyone, and you should ensure that you fully understand the risks taking into consideration your investment objectives, level of experience, personal circumstances as well as personal resources. Speculate only with funds that you can afford to lose. Seek independent advice if necessary. Please refer to our Risk Disclosure.
BDSwiss is a trading name of BDS Markets and BDS Ltd.
BDS Markets is a company incorporated under the laws of the Republic of Mauritius and is authorized and regulated by the Financial Services Commission of Mauritius ( FSC ) under license number C116016172, address: 6th Floor, Tower 1, Nexteracom Building 72201 Ebene.
BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles. Payment transactions are managed by BDS Markets (Registration number: 143350).