Technicals:
D1 downtrend, approaching resistance
H4/H1 head and shoulders
H1 pinbar
Note that I would reduce my position sizing when entering this trade due to mixed fundamentals.
A global economic slowdown will reduce crude oil demand and depress crude oil price.
On the flip side, oil producing countries may intervene to stop prices from crashing.
Saudi Arabia is already set to reduce oil output in June, we will see if other oil producing countries take any similar measures.
D1 downtrend, approaching resistance
H4/H1 head and shoulders
H1 pinbar
Note that I would reduce my position sizing when entering this trade due to mixed fundamentals.
A global economic slowdown will reduce crude oil demand and depress crude oil price.
On the flip side, oil producing countries may intervene to stop prices from crashing.
Saudi Arabia is already set to reduce oil output in June, we will see if other oil producing countries take any similar measures.
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Stopped out of this trade.
My personal fundamental outlook of crude oil is slightly bullish now in the long term due to the recent reported news releases on supply cuts - which may reflect the will of oil producing countries including OPEC to support oil prices.
In terms of demand factors, an economic recovery will boost industrial oil demand and boost oil prices.
My personal fundamental outlook of crude oil is slightly bullish now in the long term due to the recent reported news releases on supply cuts - which may reflect the will of oil producing countries including OPEC to support oil prices.
In terms of demand factors, an economic recovery will boost industrial oil demand and boost oil prices.