Trading Alerts Service FREE for 3 Weeks & Trading Levels 1.28.2020

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The deadly Coronavirus has now spread to more than 25 countries. Here’s my take on how it will impact world oil prices.

From our friend, David Register of ExitPoints.com

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On Friday Fox Business news reported,

“Oil prices slid Friday morning as the widening Wuhan coronavirus outbreak threatened to curb global demand.”

But what do the technical indicators say? The chart below shows that the March Crude Oil contract has been on a decline for several weeks.

As part of my analysis, I use the 5-day and 21-day commodity channel index indicators. Currently they are showing that crude oil is oversold and is likely near a short term swing low. Early this week, we may see set up of possible long for a few trading days ( feel free to consult a broker regarding weekly options!).

Trading commodity futures and options involves a substantial risk of loss.

The recommendations contained in this letter are of opinion only and do not guarantee any profits.

Past performances are not necessarily indicative of future results.

Chart courtesy of Bar Chart

Good Trading

Trading Futures, Commodity Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.

Futures Trading Levels

1-28-2020

Economic Reports, source: 

https://bettertrader.co/ 

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.