With investors fearful that a recession might be looming, they are selling everything now: crude oil, copper, stocks, crypto – you name it.
Today, oil caught the attention thanks to its $10 slide.
Crude oil prices are likely to be on a slippery slope given rising concerns about an economic slowdown.
We will now likely see traders sell into the rips than buy the dips, especially as the short-term rising trend line has been taken out.
From here, while I wouldn’t rule out an oversold bounce now, the path of least resistance is to the downside now.
If and when the selling resumes, the 200-day moving average at just below the $93.00 handle could be the next target for the bears.
Today, oil caught the attention thanks to its $10 slide.
Crude oil prices are likely to be on a slippery slope given rising concerns about an economic slowdown.
We will now likely see traders sell into the rips than buy the dips, especially as the short-term rising trend line has been taken out.
From here, while I wouldn’t rule out an oversold bounce now, the path of least resistance is to the downside now.
If and when the selling resumes, the 200-day moving average at just below the $93.00 handle could be the next target for the bears.