USOIL formed a bearish harmonic approved by macd bearish volume
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Hi pros!
Observing the chart price formed a bearish harmonic on a consequent resistance and gaped down confirming the trend change. Macd volume are beginning to turn bearish and lines crossed.
Fundamentally, we have a problem with OIL because offer exceed demand at a crazy rate.
The demand for oil decreased signifanctly due to global quarantine (no one go to work with their car, don't bring their children to school, exports between countries stopped momentally , there is no more tourist flight , etc).
So it's unlikely for OIL to continue to rally EVEN if russia make a deal , even if USA make a deal, even if europa or china make a deal. that won't change nothing because basically no one buy or use oil except the productors themselves. The situation goes so difficult that some of the large productors sold their stock to loss in order to avoid the bankruptcy of their companies(prohibited by law: sold something below the cost of production)
To conclude, for oil i'm thinking about a retracement to at least 0.618 (normal target of bearish harmonic) or even to point A or C of the bearish harmonic, even below
let me know if you agree/disagree by commenting, we will be glad to know your opinion!
Observing the chart price formed a bearish harmonic on a consequent resistance and gaped down confirming the trend change. Macd volume are beginning to turn bearish and lines crossed.
Fundamentally, we have a problem with OIL because offer exceed demand at a crazy rate.
The demand for oil decreased signifanctly due to global quarantine (no one go to work with their car, don't bring their children to school, exports between countries stopped momentally , there is no more tourist flight , etc).
So it's unlikely for OIL to continue to rally EVEN if russia make a deal , even if USA make a deal, even if europa or china make a deal. that won't change nothing because basically no one buy or use oil except the productors themselves. The situation goes so difficult that some of the large productors sold their stock to loss in order to avoid the bankruptcy of their companies(prohibited by law: sold something below the cost of production)
To conclude, for oil i'm thinking about a retracement to at least 0.618 (normal target of bearish harmonic) or even to point A or C of the bearish harmonic, even below
let me know if you agree/disagree by commenting, we will be glad to know your opinion!
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