oil price 04/02/2020 TF DAY (GMT+7)
in big picture is bearish and all indicator show the same on concern over the global economic impact of the coronavirus means prices are still close to 20% lower than this year's peak on Jan. 8. Monday's drop left crude prices at their lowest in more than a year. The coronavirus has now claimed more than 420 lives in China but death ratio still 2-3%. Oil prices are now at levels where would expect a supply response from OPEC for new production cutting crude output by a further 500,000 barrels per day . If OPEC+ fails to deliver an emergency response to the coronavirus, crude prices could slump another 10%,(i thnik 45$)
in TF Week and Day trend is bearish but i think this zone is potential for long side at 50.5$ and bounce to test green zone (57.5$-59.5$) i set SL at 49.5$
in big picture is bearish and all indicator show the same on concern over the global economic impact of the coronavirus means prices are still close to 20% lower than this year's peak on Jan. 8. Monday's drop left crude prices at their lowest in more than a year. The coronavirus has now claimed more than 420 lives in China but death ratio still 2-3%. Oil prices are now at levels where would expect a supply response from OPEC for new production cutting crude output by a further 500,000 barrels per day . If OPEC+ fails to deliver an emergency response to the coronavirus, crude prices could slump another 10%,(i thnik 45$)
in TF Week and Day trend is bearish but i think this zone is potential for long side at 50.5$ and bounce to test green zone (57.5$-59.5$) i set SL at 49.5$