Crude oil falls in a “risk off” attitude on Monday
In This Article:
WTI Crude Oil
The WTI Crude Oil market broke down significantly during the trading session on Monday, slicing through the $63.50 level. It now looks as if we’re going to go looking towards the uptrend line underneath, so I think that although we have a certain amount of negativity in the market, I think that it is going to be more or less short-term unless of course we do break down below the uptrend line. If we did, then I think the next area is going to be the $60 level that offers support. Rallies of this point in time are selling opportunities, and I have no interest in trying to fight this type of move. It would take a couple of days of stability for me to feel comfortable buying.
Brent
Brent markets also fell, as we have a major “risk off” move in the commodity markets in general, as the Chinese are retaliating against the US tariffs, and of course the previously mentioned oil field in Bahrain. In a major “risk off” move for the day, it’s likely that we will continue to be bearish in general, and I think that the overall attitude of this market is shifting rather rapidly. I believe that $65 will offer a major amount of support though, so be cautious near that area. In the meantime, it’s an obvious negative market, and I don’t think that it’s easy to buy a market after seeing this type of negativity without at least a couple of days of stability.
Crude Oil Video 03.14.18
This article was originally posted on FX Empire