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Potential Sell Entry Alert Crude Oil
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Expected Gain : $1.30 or more
Expected Risk : $0.75
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Time Frame : Intraday 30 min Chart
Contract : CFD on the June Futures Contract
Crude Oil fell as traders come to terms with the oversupply which dwarfs recent production cuts from OPEC+. We expect that the demand will remain under pressure for some time which leaves a lot of supply to chew through as when countries ramp back up out of the coronavirus induced economic contraction. The cut in production announced was already factored in so the market may need further cuts or a lift in demand before pushing higher. For now expect for price to be heavy so we are watching for a lower higher to build for the sell entry setup.
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Index : Crude Oil
Current Price : 2982
Status : On watch for price to retest lows around 2820 and below
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