Elliott Wave View: Oil Downside Target
Oil has extended lower and short term Elliott Wave view suggests the decline from 1.8.2020 high is unfolding as a zigzag Elliott Wave structure. Down from January 8 high, wave A ended at 57.36 as a 5 waves impulsive structure. Bounce in wave B ended at 59.73 as a zigzag structure. Up from 57.36, wave ((a)) of B ended at 58.98, wave ((b)) of B ended at 58.27, and wave ((c)) of B ended at 59.73. Read more...
Crude Oil Futures: Downside looks unabated
Traders added around 8.3K contracts to their open interest positions on Wednesday, reversing two consecutive pullbacks. Volume, instead, prolonged the choppiness and shrunk by around 115.3K contracts.
Prices of the WTI remain under heavy selling pressure and are already trading in fresh 2020 lows in sub-$56.00 levels, some $10/bbl lower than early January tops. Wednesday’s drop was on the back of rising open interest, leaving the bearish view intact for the time being and allowing for extra losses to, initially, late November low at $54.77. Read more...
WTI off seven-week lows, re-takes $56 ahead of EIA data
WTI (oil futures on NYMEX) is seen making minor recovery attempts in the European session and looks to regains the 56 level, having reached the lowest level in seven weeks at $55.59 in early hours.
The prices fall for the fourth consecutive day this Thursday and shed over 1.50%, as the sentiment around the black gold remains dampened by expectations of weakening oil demand, in the wake of rising concerns that the China coronavirus outbreak could hurt the global economic recovery. Read more...
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