How is oil trading amid expectations of an economic downturn?

The panic brought about by successive bank bankruptcy, the market expects that the European economy will enter a recession, and the demand will drop sharply, leading to a general decline in commodities. Crude oil has fallen below $70 yesterday. If it falls below $60, it is expected to continue to fall to around $43 , which is very large space.

If the bankruptcy incident can be stopped, the panic will no longer spread, the market will restore confidence in the European economy, and once again raise expectations for demand, oil prices will return to above $80 again.

From the perspective of technical form, it is still in a downward channel. If it does not fall below 65, we do not rule out the probability of a short-term double bottom. If we do not retest around 65 again, for the rebound market, we only see the 69-71 range. , there is a very strong resistance around 71-72. If it can break through, the technical form can go up further.

At the same time, it needs the cooperation of the news. If the panic cannot be controlled, we may have to short first and wait for 60 Look at the support situation nearby. If the decline stops, then there will be a greater opportunity to go long.

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Сделка активна:

It has reached above 69, you can TP some long positions

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Our goal is slowly being achieved

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crude oil to hit 81

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it goes beyond 81

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The next goal will be achieved near 83.6 and 84.9