August 12-16. Oil – the third wave down

2019-08-10

Oil is falling. The tendency to fall will intensify, as a third wave has formed down. It is clearly visible on the daily timeframe. The immediate support is likely to be the level of $ 50.5. The price should approach this level approximately by August 20-23.

Also in the coming week, the formation of local reversal levels with small price movements against the main trend is possible. This applies to the oil, gold and major currencies markets on the Forex. The reason for this phenomenon is the lack of new incentives after the formation of trends in early August. Therefore, traders will seek to fix part of the profit, which will reduce the dynamics of directed activity of price movements.

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