Us oil just turned Bearish

US oil has broken the support level on the downtrend market and is now retesting it. The overall trend of US oil is bearish, as shown by the technical indicators on the chart1. On the fundamental side, there is reduced economic activity due to the COVID-19 outbreak and higher interest rates, which lowers the demand for oil and puts downward pressure on the price2.
Chart PatternsFundamental AnalysisTrend Analysis

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