US CRUDE OIL TECHNICAL ANALYSIS SHORT TERM VIEW
US CRUDE OIL has strong resistance 83.74 to 85.70 levels and it can fall towards towards 80 dollar levels without touch 87.30 level positionally.Overall trend is negative and inner calculations made reversal so it can fall sharply below 80.60 level.Overall downside it can fall sharply below 65 dollar target as well also because it made double zigzag pattern at level 65 downside.
QUICK FUNDAMENTAL LOOK
The US working to ease sanctions on Venezuelan crude is a sign that the Biden administration is getting nervous with the outlook for global oil supplies, OANDA analyst Edward Moya said in a Monday note.
POC = Risk is a part of trading, use caution when placing orders and take market advice only into account.