USOil | New perspective for the week | Follow-up detailThis is a follow-up video to my previous publication on this commodity where we closed the week with over 1,000pips in profit (see link below for reference purposes).
The price of oil dropped by about 10% during the course of last week trading session and this is likely due to concern about weakened demand in China and further increases to U.S. interest rates. From a technical standpoint, we must keep our expectation open for the week as the tendency of price going either way becomes stronger as the weeks go by. The breakdown of the key level at the $85 level is a strong bearish and we are not sure if a retest of this structure will happen before another phase of decline in price.
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