TradingView
0
All posts from TradingView
TradingView in TradingView,

Oil : Test critical point. Weak Dollar helps Oil, but beware.

Oil : Test critical point. Weak Dollar helps Oil, but beware.

Crude Oil WTI NYMEX:CL2!

I see Oil price reached critical point at $50

Oil moved above Kumo cloud, and test SMA100+SMA200 ( Converge in same point)

$50 is a strong resistance.

Recent weak of USDollar0.00% helps oil to recover, if USDollar0.00% continues its sel-off, I think oil price could extend more.

However, I think this rally is unsustainable.

The main reason is global economy is in slowdown period from China, Japan to EZ even US begins to halt.

Hence, the demand of oil is very low, while the supply is very high, OPEC and US don't cut production.

I think the uptrend of oil is limited, and we do not expect oil back $70 ,$80, or even $100