Support trendline holding oil price
Hi folks:
Here's my view on USOIL. At the time of writing USOIL is sitting on the support trendline and regardless of the API data from yesterday it looks like it could bounce from there, otherwise it may speed up and start plummeting faster.
Mind that oil is heavily manipulated and fundamentally affected. Tomorrow they have OPEC+ meeting and it is expected to keep current output unchanged (bullish sentiment).
On the bear side we have new lockdowns due to worsening covid cases worldwide, mainly China and Eastern Europe.
Cheers
Here's my view on USOIL. At the time of writing USOIL is sitting on the support trendline and regardless of the API data from yesterday it looks like it could bounce from there, otherwise it may speed up and start plummeting faster.
Mind that oil is heavily manipulated and fundamentally affected. Tomorrow they have OPEC+ meeting and it is expected to keep current output unchanged (bullish sentiment).
On the bear side we have new lockdowns due to worsening covid cases worldwide, mainly China and Eastern Europe.
Cheers
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