Oil now sitting at support, targeting $45 soon?
The recent dumped in oil was due to less demand because of global pandemic covid, most countries imposed lock down to slow the spread of the virus.
But I think this will be temporary and we will be back to normal soon.
Oil is also now sitting at support level and slowly recovering.
Resistance 1 is seen at $45, if it breaks that level, back to around $65.
Worse case, support is seen at around $8.
This is my personal opinion only and should not be taken as trading & investing advice. Trade at your own risk.
But I think this will be temporary and we will be back to normal soon.
Oil is also now sitting at support level and slowly recovering.
Resistance 1 is seen at $45, if it breaks that level, back to around $65.
Worse case, support is seen at around $8.
This is my personal opinion only and should not be taken as trading & investing advice. Trade at your own risk.