Crude breaks with key support

Orlando Gutierrez Learn 2 Trade

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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Author

Orlando Gutierrez

Learn 2 Trade

Orlando has been involved in the financial markets for about 10 years. His focus is Global Macro and he is a strong believer that the best way to trade the currency markets is focusing on the big picture and holding on to big macro trends.

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