In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we observe the short-term weakness in USOIL.
Overall, it has been a tough few days for the oil markets. Firstly, due to G20 which saw a seemingly friendly relationship between Saudi Arabia and Russia. Secondly, we have just seen two days of OPEC and JMMC meetings where agreement has been reached to extend the current restrictions in the supply in Oil for an additional 9 months.
From a fundamental perspective, this is a positive news event, however, we have seen negative price action. The reason for this is the realisation that the recent agreement has, in reality, disappointed the Oil market traders. This can be seen to the extent that if we see prices break below yesterday’s daily low of 55.93 then we would expect prices to continue lower.
Short-Term Weakness in USOIL – Full Video Analysis
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