Since 70.x didn't hold, now down to 65

[Top Oil Trader + 469]

Also remember 69.5 had to hold too, and will soon be broken.

Charts say it all. Fundamental news also that US is slapping China with the 500 Bill Tariff, which of course China will reciprocate, and oil demand is down. Will bring down the house of cards. See you below. Also right now charts show that the up move from 69 to current 69.70 is really weak, and has no support. Remember this would be the third week that oil prices are down. Not usually a good sign. Now institutions or large hedge funds are watching the 200 Ma on oil, which comes in at $62.50 or so, if they think that oil could drop down there, many will exit their longs, although smarter investors won't wait to get killed but will exit way before, which could bring oil to that target faster. You see if the hedgefunds and institutions knew for sure, but since they don't they are willing to take their chances. Since many believe, that as long as it is not broken, don't fix it.

Edited July 20, 2018 by Top Oil Trader