Oil is sinking fast

Oil is sinking fast

Trade idea

SELL 56.60; TP1 54.40; TP2 53.00; SL 57.50

WTI oil went down below the important daily Moving Averages and slid below the 38.2% Fibonacci retracement of the 2018-2019 advance at 57.30. There are lower levels where the price may go: 54.40 (50% Fibo) and 52.95 (200-week MA). the outlook will remain bearish as long as the price stays below 57.30.

The commodity is hurt by the uncertainty about the US-China trade tensions and the future of global oil demand for the rest of the year. In addition, American oil inventories remain near a 22-month high.

Notice that to trade WTI, you need to choose WTI-19N in your MetaTrader.

WTI oil.png

oil

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