{"id":166615,"date":"2020-03-16T12:50:10","date_gmt":"2020-03-16T16:50:10","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=166615"},"modified":"2020-03-16T12:50:10","modified_gmt":"2020-03-16T16:50:10","slug":"oil-decline-likely-to-persist","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/03\/oil-decline-likely-to-persist\/","title":{"rendered":"Oil Decline Likely To Persist"},"content":{"rendered":"
March 16, 2020<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

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For the oil market, it is not just about the\u00a0coronavirus<\/a>\u00a0hampering demand, but also about the tit for tat between Saudi Arabia and Russia.<\/p>\n

Technically, crude oil shows room for a drop towards the $21-22 handle (see highlighted area above). This is based on the longer-term projection as the weekly chart indicates.<\/p>\n

In the shorter term and as seen above, we are looking for a move back to the $27.15-20, with $28.25 as an initial resting point.<\/p>\n

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The 30-minute chart indicates that prices have\u00a0broken below a bear flag pattern. This breakout was confirmed with a retest and a failure t the $34 round resistance (see highlighted area).<\/p>\n

This was followed by another bear flag and prices fell through to deeper levels. This is often seen when we notice consequent flag breakouts.<\/p>

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Out technical view favors additional weakness with the $30.35 looking to provide a short-term resistance. Provided of course a retracement takes place.<\/p>\n

Otherwise, the next level on the downside is marking the $27.15-20 area, which looks like an interim target on the 30 minutes timeframe. The initial support could kick in around $28.25.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex For the oil market, it is not just about the\u00a0coronavirus\u00a0hampering demand, but also about the tit for tat between Saudi Arabia and Russia. Technically, crude oil shows room for a drop towards the $21-22 handle (see highlighted area above). This is based on the longer-term projection as the weekly chart indicates. In the […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-166615","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/166615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=166615"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/166615\/revisions"}],"predecessor-version":[{"id":166619,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/166615\/revisions\/166619"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=166615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=166615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=166615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}