Happy Monday oil traders! Not looking to be a good day to go long. Currently in the Pre-Market the S&P is down 74 points, the NASDAQ down 238 points and the Mini Dow Futures (/YM) is down 700. USOIL is already down 3.5%. This Coronavirus is causing major market falls. If the markets continue to fall it will drag oil down too. I am expecting oil to hit $48 over the next few days as news is probably not going to get any better. Trade carefully and always use stop loss! Let’s see what happens.