Following the false flag that was the Iran conflict, crude oil continues it's trek down to $50 per barrel. The Iran conflict did not have any affect on the supply of crude oil, the heightening in price was simply traders/investors getting psyched out by the possibility of prolonged Middle East involvement. IEA report continues to support the argument that crude oil production (quantity supplied) is currently higher than quantity demanded. Prices hit the 23.6% Fib retracement level and should continue down in an impulsive fashion. My stance will not change unless substantial news affecting supply comes forth.
Thanks for checking out my idea, I encourage constructive criticisms!
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Thanks for checking out my idea, I encourage constructive criticisms!
Be sure to LIKE and FOLLOW!
Comment:
Goes without saying that you should always have a comfortable stop loss in place...
Trade closed: target reached:
EXITED TRADE COMPLETELY. Looking to go long sometime soon