Oil has started to move down with further fears of recession, ever since Fed Chair Powell stood ground with his aggressive rate hikes.
Now that Oil has breached the 90 mark and is heading down, will it bounce back from the Critical Support trend line (Marked in green?) or will it breach the wall and head further south to the next landmark: the 75-82 zone?
This will be an important question that all those trading in Oil CFDs or planning long term purchases on energy should ask.
I personally believe that it will have eventually breach this in the next month, but there will be a short bounce given that this trend is a strong long term support. Happy to discuss this further with those who wish to know my thought process. THere are some fundamental reasons why this trend will be breached.
I am going short on oil ...
Now that Oil has breached the 90 mark and is heading down, will it bounce back from the Critical Support trend line (Marked in green?) or will it breach the wall and head further south to the next landmark: the 75-82 zone?
This will be an important question that all those trading in Oil CFDs or planning long term purchases on energy should ask.
I personally believe that it will have eventually breach this in the next month, but there will be a short bounce given that this trend is a strong long term support. Happy to discuss this further with those who wish to know my thought process. THere are some fundamental reasons why this trend will be breached.
I am going short on oil ...
