Hit from hedge fund & other news on Monday
Oil plunged after the ship blocking the Suez Canal was partially re-floated. A $20 billion wave of block trades hit markets on Friday.
Oil prices gap down on the negative economic concerns.
The global risk aversion drove the prices for WTI and Brent down.
The price for WTI has fallen below the weekly pivot at $56.23. The next key level lies at $53.47. If bulls take over the market, the price for WTI will rise above the $56.23 level to the next resistance at $60.08.
As for the price for Brent, it jumped below the $66.33 level. The first support for bears is placed at 63.47. On the flipside, if buyers are strong enough to break the $66.33 level, the next resistance will be placed at $69.86.
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