USOIL The US Crude Oil prices went down yesterday, mostly because of the tariffs and concerns on demand.
Here is what the Bloomberg is writing: " OPEC+ is discussing a pause in its oil production increases from October is fueling concerns about a slowdown in global energy demand. In addition, the intensification of US tariffs risks slowing global economic growth and energy demand after President Trump ramped up tariffs on numerous countries this week, including a 50% tariff on Brazil."
So, despite the pause in oil production increase, which is supposed to be bullish factor the oil prices, we may see the slowdown in global economy and supposedly a recession because of Trump's tariffs. This is a long-term bearish factor for the oil. I think that we will see another bearish impulse here, according to what we observe on the chart.
There is a nice bearish flag and i am planning to short it with a target nearby 6,540.00 support level.
🔽 a pending sell stop order at 6615.3 with
❌a stop loss at 6680.9 and
🤑a take profit at 6544.0
Trade cautiously! Preserve your deposits!
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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.