The WTI crude scary trading session on Monday, where we have hacked small support levels one by one. In the end, we found support at $ 90.00 , it is the area that is supposed to be a big support area. At the end of the day, we did not see the great support enters the market, and any ideas related to building the scope of deliberative scrapped entirely.
As you read, you think that there is scope on the verge of conformation. However, it is clear that the band now has been hacked, and we must now ask serious questions about this contract. $ 88.00 level is now the bottom of the last deliberative activity, and frankly, I feel like we could be heading down at this point. The market was diligent during the session on Monday, where the sale of operations were not confined to the oil markets, but in anything to do with commodities in general.
Weak Chinese economic figures issued early in the morning on Monday, set the pace for a very negative session. The idea is that if Chinese economy slow down, this means that there is less demand for goods around the world. In that case, there will be less demand for futures where there will be less industries. Since it like chain of events that indicate that there is a slowdown in the global economy in general. I do not see a problem with that assessment, and I’m frankly surprised that it took all this time for people to notice. European situation is very bad, and even though we passed the immediate danger, Europe is going through a recession and will stay this way for some time.