Crude breaks with key support
|Crude opens -1.50%
Continues bearish move, now down -3.50%
Crude oil opened with a major gap to the downside on news that cases or coronavirus grew in China (cases and death toll). Now WTI has broken with a key level of support stopping out longs and changing the overall sentiment. The bullish run was very short-lived and now all eyes are on the 50.50-50.80 zone. Brent also broke with a major level of support.
The POC of the entire volume from the 49.40 lows is 51.50 and price is trading below it as we speak. A rejection of this key volume level could save bulls but the sentiment is clear and we will be looking at the reaction of our next key level.
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