1 Week Later and Oil is down 3.66%

1 Week Later and Oil is down 3.66% WTI CRUDE OIL TVC:USOIL ShrewdCatfx 1 Week after the beggining of conflict between Israel and Iran in the middle east, Crude Oil is down 3.66%. Price began trending down all week and then on Thursday there was news of a bombing by Israel which caused a spike in Oil(3.5). This whole move was corrected and we are back to being down on the week. This opposes what I believed may play out this week as my thoughts were 1. Oil is a precious commodity and needed in War 2. The trend thus far this year is Bullish (we are up 13.82%) The market is instead going down and retraced this week. We are currently sitting on the Daily support level 81.23. Price action looks bearish on the Daily as we have a large top wick on the current candle.. moving into the next few weeks we will have a bearish weekly candle behind us that may aid in a descent towards the next Daily level 80.65 and beyond to the next weekly level 77.82. Also, this is in line with current risk-off market sentiment as Oil (Risk-on) is a commodity after all Daily timeframe : The Daily timeframe retested Daily resistance (85.65) and we rejected.

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