Technical Analysis

Oil rout deepens, closes in on February low

WTI falls to a low of $58.33, nearing the low seen on 9 February at $58.07


ForexLive

All it takes is one tweet and that mainly cancels out all of the current optimism surrounding doable manufacturing cuts by OPEC+ members. From the highs this yr, oil is down by greater than 24% and a bear market signature is not going to assist with sentiment at this juncture.

A key technical break beneath the February low at $58.07 will pave the way in which for an excellent sharper fall in the direction of the mid $50s first:

The 61.eight retracement degree @ $55.36 would be the subsequent key assist degree after the break above and that shall be adopted by a check of the $50 deal with as soon as once more. I need to say that manufacturing cuts will finally are available in to underpin costs as we head into subsequent yr, however while you see a falling knife like this, by no means ever catch it.


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