WTI potential to drop

WTI potential to drop

WTI CRUDE OIL TVC:USOIL


I’m thinking, we might see one more push to this channel, although $42pb is a big ask, then a possible drop to $36pb. This coincides with the large megaphone S&P500 resistance pattern.
Due to a rise in new cases of coronavirus, there is lower demand for oil and reserves will begin to increase. Over supply and low demand could pull WTI down.
With jitters from US election, increase in new covid cases and technical levels of S&P500 hitting heavy resistance, this could lead to a lack of liquidity and profit taking. As we’ve seen for most of the year, many assets have been moving together. That could also play into a pan sell off.
Not financial advice. Speculation only

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