Crude oil has snapped its best weekly win streak in four years, but technician says the sell-off in oil won't last long.
The commodity has plummeted 5% since Monday, its first negative week in eight. Losses accelerated on Friday after President Trump said he called on the Organization of Petroleum Exporting Countries to act to bring global oil prices lower."I've been very upbeat on crude oil since February. This hasn't changed," said Baruch on CNBC's "Trading Nation" on Friday. "The uptrend is still intact.
Baruch adds that $60 is also important as a psychological area. So long as oil holds above that level, there will be buyers, he says., CEO of Chantico Global, is more cautious on crude oil prices as the economy faces a slowdown. "If you take a step back and look at the broader trend, in fact a lot of the big trends were pointing towards lower oil prices. If you look at demand, demand has been falling, exports has been falling, trade has been falling. They're very slow moving but they are actually going in the wrong direction," said Sanchez on "Trading Nation" on Friday.
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