CRUDE OIL: OUTLOOK AMIDST TRADE WAR AND OPEC MEETING
Taking a look into crude ahead of the weekly inventory report.
Amidst the Trade-War, Crude appears to have held firm on its support at the 57.00 benchmark, taking a full retracement from the 61.8% fibo.
We are expecting to see a further decline in price towards $55.00/Bar. As oversupply and trade war still pose a massive threat on the black gold commodity.
Opec Meeting still in review by next month 25th which will determine if the decline may continue further down or balance will be seen.
As of now crude is still bearish, but investors are keenly advised to pay good attention the levels and make good use of money management while keeping positions opened.
FX-TRAIT ANALYSIS REPORT
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Taking a look into crude ahead of the weekly inventory report.
Amidst the Trade-War, Crude appears to have held firm on its support at the 57.00 benchmark, taking a full retracement from the 61.8% fibo.
We are expecting to see a further decline in price towards $55.00/Bar. As oversupply and trade war still pose a massive threat on the black gold commodity.
Opec Meeting still in review by next month 25th which will determine if the decline may continue further down or balance will be seen.
As of now crude is still bearish, but investors are keenly advised to pay good attention the levels and make good use of money management while keeping positions opened.
FX-TRAIT ANALYSIS REPORT
JOIN US AT FXTRAIT
