As you know OIil prices decline $3 a barrel.
Riyadh and Moscow at diplomatic stalement, each blaming the other for the oil production crisis.
COVID-19 corfirmed cases 1,203,000 and almost 65,000 deaths worldwise. There is no demand of oil right now.
So investors should not take immediate decisions in oil buying.
According to Technicals last week oil broke descending trend line and placed $29.05.
Weekly opening after some gap at $25.88.
So both fundamently and technically market indicates some Bearish bias.
Initial Target @ $24.50 ( Retest Broken structure)
2nd Target @ $22.50 (Retest of trend line)
Place stop loss at $27.75
Note: If market goes down place proper breakeven point before Opec meeting which may be held on wednesday.
Riyadh and Moscow at diplomatic stalement, each blaming the other for the oil production crisis.
COVID-19 corfirmed cases 1,203,000 and almost 65,000 deaths worldwise. There is no demand of oil right now.
So investors should not take immediate decisions in oil buying.
According to Technicals last week oil broke descending trend line and placed $29.05.
Weekly opening after some gap at $25.88.
So both fundamently and technically market indicates some Bearish bias.
Initial Target @ $24.50 ( Retest Broken structure)
2nd Target @ $22.50 (Retest of trend line)
Place stop loss at $27.75
Note: If market goes down place proper breakeven point before Opec meeting which may be held on wednesday.
