Don’t waste your time – keep track of how NFP affects the US dollar!

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OIL: downswing imminent

OIL: downswing imminent

Information is not investment advice

Fundamentally, we have the following layout. In the oil market, there is relative silence and neutral mood. Globally, investors are cautious about the second-wave virus hit. Together, these factors make the oil price hang in the channel between $35 and 40$ like in limbo. Therefore, it is unlikely that it moves far beyond that channel until the global mood fundamentally improves.

In the short-term, if the price insists on testing the resistance of $40, we will have a high likelihood of a further drop closer to the middle of the channel at $37.5 as per the technical chart formation. Previous candles dropping sharply to the lower side of the channel confirm that this is indeed a possibility. 

Therefore, watch how WTI price behaves the following hours – it may well drop to previous support levels within the current channel.

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NFP Number Will Drive Markets

US stocks are set to open lower Friday, with investors worry over rising tensions between the US and China, deadlock over the next virus relief bill and possible disappointments from the key monthly employment report.

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