- Bulls find temporary solace in hopes of a trade deal breakthrough between the US and China.
- bears can now target a drop to the 52 handle and the 61.8% Fibo at 51.70 on the wide.
The price of oil was finding some solace in hopes of a trade deal breakthrough between the US and China, or at last, for talks to continue and not come to a grinding halt as had been expected following last week’s escalation.
Despite the comeback, however, the price of oil remains pressured. Bears are moving in again below that moving averages on the 4-hour time frames, namely the 20, 50 and 200 as price moves stays deep below the 20-daily moving average and downside trendline as well. With a focus on the downside and having taken out the trendline support, bears can now target a drop to the 52 handle and the 61.8% Fibo at 51.70 on the wide.
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