Oil is in unprecedented depression.
Updated
The oil is nature things, that can boost up economy and can drag down an economy. In my opinion, if crude oil can break the resistance levels at 18.90-19.30 so the aim will be reaching and trying to fight the ceiling resistance. If this successful, the trend will continue upwards... But that's what my thought.
Crude storage is one thing, they are now short of storage. I've read, they wanted to ask the pipeline as a storage now. That is beyond mind thinking, but it will takes time. As the demand is still low, the price will have some down trend continues. If the oil futures drop below the supports levels of 14.5-14.03 they will try to seek another supports at 11-11.5. If in case breaking down all the way, the downward trend will continue to next supports...
If you find this help full, please do like , follow and comment if you have another opinion. The more we share, the more we can get.
Crude storage is one thing, they are now short of storage. I've read, they wanted to ask the pipeline as a storage now. That is beyond mind thinking, but it will takes time. As the demand is still low, the price will have some down trend continues. If the oil futures drop below the supports levels of 14.5-14.03 they will try to seek another supports at 11-11.5. If in case breaking down all the way, the downward trend will continue to next supports...
If you find this help full, please do like , follow and comment if you have another opinion. The more we share, the more we can get.
Trade active
The support zone has been breached.
Related publications
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.