Brent Oil Short

 Posted by at 11:00 AM  FX Market
Feb 122020
 

Technical Levels
58.00 level is confluence of fibonacci numbers – 23.6, 38.2 and 61.8. It is a role reversal resistance as well.

Fundamental Catalyst:
– Corona Virus fears
– Indecisive OPEC and OPEC+ supply cuts
– US continuous production of oil

Headwinds to Short Position:
– Continuing Libyan conflict
– Any Middle East tension

Speculative Catalyst:
– Resolution to Libyan conflict. Libya is losing money with the current situation. If they resolve and decide to continue oil production, supply of oil will go up, pressing price down.



Brent Oil Short by traderh on TradingView.com

Trader H

TraderH is a foreign currencies trader and a former Certified Securities Representative in the Philippine equities market. All posts herein are personal views and are not endorsed by any organization whatsoever. It is important that you practice due diligence in your trade plans. This website and its authors will not be held responsible nor liable to any of the reader's losses.

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