WTI OIL CRATERED THROUGH 2016 TREND-LINE, NEAR DECEMBER 2018 LOW
Oil prices have fluctuated sharply over the past few sessions, with almost unpredictable volatility, jeopardizing trading, with stocks in the first place. Reserves and (possibly) the rate of oil production are declining, but not one of them will probably be able to break the wave of high volatility in the near future.
The recent break in the 2016 trend line is seen as a significant form of resistance. There is a very steep trend line coming down from the January peak, which also follows near 2016. Iterations.
Due to another vulnerability in 2018, December. The smallest amount will be used as support when the last trading risk was released. He currently lives at 42.20. It may help set the word, but failure to do so may make the sale more aggressive.
Watch closely for stock. Friday's low temperatures may have caused fears at this time, and further volatility and test moves from here may only be a second test before the risk increases. If so, the oil may not recover, but it is likely to recover. If the stock echoes are just that, then look for 42 levels to hit. With such high volatility nowadays, the environment is conducive to clever short-term traders playing back and forth.
WTI CRUDE OIL DAILY CHART (2016 T-LINE ABOVE, DEC ’18 LOW BELOW)
WTI Crude Oil Chart by TradingView
BRENT OIL TRADING AROUND THAT 2018 LOW, A BREAK TO SPELL MORE TROUBLE
Brent was trading weaker than its US counterpart WTI, and therefore could continue to lead if the next big wave were the sale of popular stocks, stocks and economically sensitive goods. January. In the prevailing trend, there has been resistance, and since 2016 - resistance. - from 55 to 55 slope. The smallest in the last day, 51.54 - the lowest.
BRENT CRUDE OIL DAILY CHART (TRADING AROUND DEC ’18 LOW)
Brent Crude Oil Chart by TradingView