West Texas OilShort
JICPT| Crude oil penetrated key zone with room downside!
Updated
Hello everyone. The recent weak China weighed on crude oil and commodity currencies, e.g. AUD, NZD.
On the daily, the key zone failed to serve as a firm holder after two tests. The below 57.33- 59.50 is the refine of the weekly demand zone.
On the weekly, we can see price retreated from the bearish structure around 77. With the slowed China's economy in the 2nd half of the year, crude oil lacked fundamental support.
I think the oil related stocks would also be under pressure as well. So bullish buyers should be cautious.
On the daily, the key zone failed to serve as a firm holder after two tests. The below 57.33- 59.50 is the refine of the weekly demand zone.
On the weekly, we can see price retreated from the bearish structure around 77. With the slowed China's economy in the 2nd half of the year, crude oil lacked fundamental support.
I think the oil related stocks would also be under pressure as well. So bullish buyers should be cautious.
Note
Yep. Another lower low. Price may bounce up before starting another fall again. Note
Price bounced back in the middle of the zones. Looking left side, no wonder it was a flip level. 
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