WTI BEARISH OUTLOOK CONTINUES
The weak trade and inflation data from China further casts doubt on the ability of fast economical recovery of the country after COVID.
This puts a rench in OPEC's forecast that China will drive the demand for crude oil to record high.
The technical indicators are also confirming the downtrend, with MACD histogram being below 0 and RSI under 50 neutral line.
If this scenario continues, the price of the instrument might test levels of 64 and even 62. In the opposite scenario, the price might revert and test 77 point resistance.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
This puts a rench in OPEC's forecast that China will drive the demand for crude oil to record high.
The technical indicators are also confirming the downtrend, with MACD histogram being below 0 and RSI under 50 neutral line.
If this scenario continues, the price of the instrument might test levels of 64 and even 62. In the opposite scenario, the price might revert and test 77 point resistance.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
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