WTIs remain under pressure following Trump's response

More signals that bombs will not fall.

Oil remains suppressed after Trump's decision to impose more sanctions on Iran in diplomatic response to the situation. The US will most likely try to persuade Europe to play a more active role in maintaining Iran's oil blockade.

Before the event happened, the price had formed a bullish triangle in a downtrend that was about to break. The Fibo 50 area was long enough to keep buyers from trying to push the price up. No wonder the funds have been taking long positions before ...

Currently, the price remains depressed and is below $ 60. We expect the price to continue its downward movement for two reasons: the increase in inventory and the diplomatic response of Trump. We will expect traffic to continue to the area at 55.18 to cover the gap. So technically the price will go back and in the original triangle in the triangle.

The zone at 56.65 remains the key to continue the downward movement, and on the upper side we have 60 as strong resistance.

Alternatively, with the deterioration of sentiment, we would expect a sharp rise in the price of oil back to the area at 63.

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