U.S. crude oil stockpiles likely fell for a fifth straight week, while refined product inventories also decreased. This could lead WTI heading to $45 resistance.
However, until the demand recovery back after COVID-19, oil is still under pressure.
As we can see, there are strong selling pressure at resistance zone $43-$45. Price could dip to $10 again if the stock market crash. Still, a clear technical confirmation must show before placing any position.
However, until the demand recovery back after COVID-19, oil is still under pressure.
As we can see, there are strong selling pressure at resistance zone $43-$45. Price could dip to $10 again if the stock market crash. Still, a clear technical confirmation must show before placing any position.
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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.