This looks like a JOKE.
But when you look at the DAILY chart - text book says the price is going to hit $56.13!
As long as the price remains below the DOwntrend, it will seem feasible and there may be a few fundamental reasons for such downside.
Oversupply 📈: Too much oil flooding the market is keeping prices low.
Economic Slowdown 📉: Sluggish global growth is cutting demand.
Green Shift 🌱: More focus on renewables means less reliance on oil.
US Production 🚀: A boost in US shale adds extra supply.
Speculation 🔮: Traders betting on drops are fueling the downward trend.
Technicals
M Formation has formed and the price broke below the neckline.
We have seen the price stay below 20MA and 200MA - BEARISH
Target $56.13
WHat do you think?
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
But when you look at the DAILY chart - text book says the price is going to hit $56.13!
As long as the price remains below the DOwntrend, it will seem feasible and there may be a few fundamental reasons for such downside.
Oversupply 📈: Too much oil flooding the market is keeping prices low.
Economic Slowdown 📉: Sluggish global growth is cutting demand.
Green Shift 🌱: More focus on renewables means less reliance on oil.
US Production 🚀: A boost in US shale adds extra supply.
Speculation 🔮: Traders betting on drops are fueling the downward trend.
Technicals
M Formation has formed and the price broke below the neckline.
We have seen the price stay below 20MA and 200MA - BEARISH
Target $56.13
WHat do you think?
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.