Oil – are we going to see levels under $40 soon?

OIL. WTI: descending trend, descending medium and short movement.

A break below support levels 44 usd and closing several bars below these prices – which means that the attack is successful.

CCI is below -100 – very negative sentiment shorts likely to continue.

Break internal bar below $ 43 , supporting the likelihood of a new bearish momentum .

However , sell of these levels is a risk , it is likely to witness test of the breakthrough test, it is there where one should positio himself with less risk and a smaller stop around 46.28.

Sentiment : oil remains under pressure after the deal with Iran and the continuing increase in yield from Saudi Arabia. Dollar and bad data from China also have a negative impact on the market. Sentiment is bad for oil in the short term .

Stefan D. Angelov – Head of Stocks Trading

 Varchev Traders

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