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Video: UPDATE Oil Price Analysis for March 2020 – Price War Causes 20% Drop!

March 18, 2020 at 5:30 by Vladimir Vyun

In the present video, David Jones from Capital.com provides his updated forecast for crude oil in March 2020. He starts the video by discussing the recent huge 33% slump of prices to the four-year low — the biggest decline since 1991. The main reason for the slump was the disagreement between Saudi Arabia and Russia about new production cuts, but the COVID-19 pandemic also had an incredibly negative impact on the commodity. David then lists support and resistance levels for crude and shows charts of the commodity. Next, he discusses three basic options for traders during the current period of extreme volatility: doing nothing, considering the crash an overreaction and buying, or selling short. While it is very dangerous to trade in such a turbulent environment, David decides to risk and sell short as the trend is currently clearly bearish.

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