USOIL Short week 10th Feb 2020
USOIl
Fundamental analysis: We have risk of economic slowdown because of Corona-virus in China. China has asked businesses to temp close, consumers not allowed to be out and normal economic activity is not at normal conditions. Chinas demand for oil has reduced turning the oil down. Opec is looking into cutting 500k to 1mill production, with a price of $50 it's more likely than not that they will do something.
Technically: Oil will be bullish if we close above $52 until then we are continuing to short the USOIL, at resistance.
Fundamental analysis: We have risk of economic slowdown because of Corona-virus in China. China has asked businesses to temp close, consumers not allowed to be out and normal economic activity is not at normal conditions. Chinas demand for oil has reduced turning the oil down. Opec is looking into cutting 500k to 1mill production, with a price of $50 it's more likely than not that they will do something.
Technically: Oil will be bullish if we close above $52 until then we are continuing to short the USOIL, at resistance.
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