ridethepig | CADNOK Market Commentary 2020.03.02

Eyes on the technical breakdown in CADNOK to kickstart the week, a few important updates to make here as intervention begins globally from Central Banks and OPEC.

For those tracking Oil you will know we got the massive meltdown that we have been expecting in the chart-pack since last year:

https://www.tradingview.com/chart/USOIL/sNtoQNt6-ridethepig-Oil-Breaking-Down/

https://www.tradingview.com/chart/USOIL/yQjUcRSN-Clashing-forces-on-the-supply-side/

https://www.tradingview.com/chart/USOIL/llW52K18-ridethepig-Energy-Overbought/

I am tracking a much larger than expected cut from OPEC at 1mbpd and would therefore recommend trading a bounce in risk markets. The view of a cut from BoC this week seems a done-deal too - this will start the round of global easing.

On the technical side, targeting a fresh breakdown into the stops at 6.8xx. Invalidation is found above the recent highs. Thanks as usual for keeping the support coming with likes, comments and etc!