Oil Hits the Bottom and S&P500 Jumps!
Good day!
WTI oil has gradually dropped till the 19.00 level against the OPEC+ deal to cut oil output. Oil could potentially hit lows between the 19.00 and 28.00 levels and this range might become a double bottom. Therefore, it would be wise to check the candlestick formations to see if oil gradually grows.
Oil could also break this range down. In this case, oil price might hit the 12.00 level. Of course, everything is still possible in light of current circumstances:
The S&P500 is repeatedly trying to close below the 2790.00 level with a bearish engulfing pattern. Let us remind you that this level is also the middle point of the entire drop that started on February 20, 2020. Therefore, the index could slightly drop targeting the 2340.00 level:
The price of Euro has formed a very bold and symmetrical triangle, breaking it on top. Having pulled back, the asset has touched the very top of this triangle therefore the EUR/USD could jump:
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