Good evening dynamic traders. What a wild week it has been on the stock market. The Dow Jones is down 500 points at 7.40pm Friday evening and near the figure.
On my last dynamic trader update I mentioned if crude oil breaches $88.93 then we could see further weakness and as Javid mentioned on FXCPS.com that in the coming months crude oil could continue down towards $80 or even $60. Since that forex post by Javid crude oil it has been 10 days and price has already hit $80.
Crude oil has a convergence and is at the figure plus a support zone. We might see a bounce before a continuation down. If you are also shorting crude oil then I believe it is time to manage the trade regardless of XTL. If the trend continues then $60 as Javid mentioned may come sooner rather than later. Daily chart of crude oil is below.
FXCPS forex analysis here.
Good dynamic trading...
Currency Analyst
Anne Chapman
