It is rare to see oil price drop below $30. I would consider this a good opportunity to buy oil for long-term investment both from (1) technical, and (2) fundamental reasons.
(1) technical reason
Looking at the weekly chart, the price is potentially forming a triangle. Ideally, the price should drop below $25 and bounce back.
(2) fundamental reason
The oil price drop was caused by Saudi Arabia for a political reason. With the current price level, the majority of oil fields around the world are not profitable, therefore there will be significant decrease in production in due course. Once coronavirus issue is calm down, oil price should bounce back due to demand / supply imbalance.
(1) technical reason
Looking at the weekly chart, the price is potentially forming a triangle. Ideally, the price should drop below $25 and bounce back.
(2) fundamental reason
The oil price drop was caused by Saudi Arabia for a political reason. With the current price level, the majority of oil fields around the world are not profitable, therefore there will be significant decrease in production in due course. Once coronavirus issue is calm down, oil price should bounce back due to demand / supply imbalance.
I trade forex, cryptocurrency, stock, futures mainly based on Elliott Wave principle.
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I trade forex, cryptocurrency, stock, futures mainly based on Elliott Wave principle.
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。