Oil to retest support around $58
Updated
Note: these are my notes and are not to be taken as trading advice. Trade at your own risk.
A few reasons oil could test $60 and then $58 soon.
A few reasons oil could test $60 and then $58 soon.
- WTI and Brent price difference closing
- Markets overall could continue down this week / next week, bringing oil with it
- USA has become an exporter and the USD / DXY could be bearish even if they are up (on edge between negative / positive correlation)
Trade active
Should have been a build. Would re-short from these levels. Imports were very small but barely a draw. If imports increase at all we will see builds.Trade active
Oil still going to $60 and below. Following the market lower.
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