You can see from the chart that USOIL has two bottom - one in Mar 1986 at 9.743 and another in Nov 1998 at 10.66.
So, that is most likely the worst we can expect for oil to go down to unless it breaks this 2 level.
Read latest article on the plunge this morning
If you had not longed yet, just wait for the price action to stabilise else there is a chance of it revisiting those two support levels. Personally, I won't short either as the risk/reward ratio is not fantastic and it can rebound much earlier than expected , so I do not need this kind of surprises from the Market.
So, that is most likely the worst we can expect for oil to go down to unless it breaks this 2 level.
Read latest article on the plunge this morning
If you had not longed yet, just wait for the price action to stabilise else there is a chance of it revisiting those two support levels. Personally, I won't short either as the risk/reward ratio is not fantastic and it can rebound much earlier than expected , so I do not need this kind of surprises from the Market.
Note
cnbc.com/2020/04/20/coronavirus-us-oil-prices-collapse-as-storage-runs-out.htmlCongrats if you have shorted it !!!!
Note
Never before, totally unprecedented. It reaches 0.01, oh my God! I can't explain. Why ? What it's happening to OECD ?
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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.