Reality facts could catch up now

١٢ يونيو ٢٠٢٠

After Oil price has failed to pass beyond the resistance zone between $40 - $42 and seeing the quality of the downward move (likewise in the S&P), we have to be very careful as neither the down-trend nor a continuation of the up-trend is clear. On the short term, I expect a drop to the support line around $ 32 and from there is a tendency for a drop down to approx. $21 to a support zone, confirmed by RENKO and Candle Stick charting. Nevertheless, the big drop will have to be verified more detailed after the first move down to $ 32 has happend. It seems that the news flow is focused more on reality facts then before, which will be integrated into pricing eventually.