Crude Oil didn't reach my initial $39.34 🎯 .
However, I'm still bearish expecting a further downward retracement of the Pfizer vaccine news bull run. The target is a strong level of support and is in confluence with a 0.618 fibonacci level.
Mordena's Vaccine news have bulged the commodity just a bit higher compared to the reaction of Pfizer vaccine data. This means investors are still not bullish as both companies have stated that it will take time to produce and ship the vaccine doses. The COVID19 outlook is getting worse with the US reporting more than 1m cases in 1 week. State governors are imposing strict restrictions on business and individuals and this could impact the demand for oil. The situation is similar in Europe, Asia and Africa.
Because of the weak fundamentals, I'm bearish on both US Oil and UK Oil.
However, I'm still bearish expecting a further downward retracement of the Pfizer vaccine news bull run. The target is a strong level of support and is in confluence with a 0.618 fibonacci level.
Mordena's Vaccine news have bulged the commodity just a bit higher compared to the reaction of Pfizer vaccine data. This means investors are still not bullish as both companies have stated that it will take time to produce and ship the vaccine doses. The COVID19 outlook is getting worse with the US reporting more than 1m cases in 1 week. State governors are imposing strict restrictions on business and individuals and this could impact the demand for oil. The situation is similar in Europe, Asia and Africa.
Because of the weak fundamentals, I'm bearish on both US Oil and UK Oil.
