Crude oil – short trade view
Next weeks and months will be period of utmost uncertainty in oil prices. USA-China trade war and Iranian sanctions re-imposition are key most important drivers – one bearish and another one bullish – apart from usual supply and demand. From technical perspective, however, I am still bearish on crude oil – my latest predictions ( check this ) turned out to be a profitable short.
This week’s technical picture reveals probability of the further price decline and I am expecting price will test the low USD 66. Successfully breaking this support, then 61-62 level will be the next target – I would personally think of taking profits at these levels.