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Oil price down strongly in combination with 3 news

Discussion in 'Lounge Forex' started by World-Signals, Mar 19, 2021.

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  1. World-Signals

    World-Signals New Member

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    The positive news from Alaska for Oil (Alaska’s North Slope holds heavy oil of billions barrels shows 4-years study) is a very important news for oil industries in the long-term period.
    At the same time the locomotive of the world economy - Asia started to weaken as the Chinese buyers orders went to lower levels.
    At the same time we can see technical corrections of Oil prices based on a couple of indicators.
    Combine all these news today and the result is Oil Price WTI (New York) dropped by more than $6 in a couple of hours. The Oil price dropped almost 10% within 8-hours. What will happen further? World-Signals trading strategy is to continue trade in a short position during the Asian session. Although the expected correction upward during the European session on Friday the trend of downward continued. The WTI price started the big fall from $64.70 to $58.24 and is on the way to down below $55 in the next 72-trading hours.
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