"We will drill, baby, drill"
That's what Donald Trump said yesterday and is what makes me think oil is headed lower in longer-term outlook, or at best upside should be limited in long-term.
In short-term a lot can happen of course, but right now the path of least resistance appears to be to the downside.
WTI has been trending lower in the last few days and broken some important support levels. These levels have turned into resistance. For example: $77.00.
Earlier, prices dipped to test the first major support area around 75.00, and it bounced from there. But thanks to Trump's bearish oil policy, we could see the selling resume.
At the time of writing, WTI was testing another broken support level around the 75.80 to 76.05 area. Will we see the sellers return here?
By Fawad Razaqada, market analyst with FOREX.com
That's what Donald Trump said yesterday and is what makes me think oil is headed lower in longer-term outlook, or at best upside should be limited in long-term.
In short-term a lot can happen of course, but right now the path of least resistance appears to be to the downside.
WTI has been trending lower in the last few days and broken some important support levels. These levels have turned into resistance. For example: $77.00.
Earlier, prices dipped to test the first major support area around 75.00, and it bounced from there. But thanks to Trump's bearish oil policy, we could see the selling resume.
At the time of writing, WTI was testing another broken support level around the 75.80 to 76.05 area. Will we see the sellers return here?
By Fawad Razaqada, market analyst with FOREX.com
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.