Good afternoon, dear traders, I present to your attention a trading idea for oil. On Friday, there was an excellent short initiative on the American session starting from the level of 54.7. The Americans were selling oil the entire session. I remind you that the increase in oil production in the United States is not the first, or even the third, week in a row. As mentioned earlier, this production will eventually lead to an oversupply of oil in the oil storage facilities, which, with constant demand, will lead to a fall in the price of black gold.
I remind you that oil has a very important old psychological level of $50.5 – $50 per barrel, which we have already approached several times. In this regard, I recommend taking short positions in order to update the quote of $50. The breakdown itself can be both true and false, but the price of 50 will be very likely in the coming weeks. And all who buy oil the last few months, are forced to hide their risks for this quote. This trap of buyers will close sooner or later – a matter of time.
Thank you for your attention and success in trading!
The material has been provided by InstaForex Company – www.instaforex.com
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