There are also reports of a US helicopter getting shot down by Taliban forces in Afghanistan. reports say all the passengers in the chopper have died in the crash.



on the coronavirus, the Zheijiang provenance in China will be on lock down til Feb 7th, and all industrial activities will be shut off as well.
Singapore and Vietnam confirm their first cases of it as well (threat of the disease becoming a global pandemic)

According to Reuters if oil prices fall further due to coronavirus OPEC will reduce the supply even more.

I think this is the clear signal Saudis are sending about oil market being near the bottom.

judging the chart by Elliott wave analysis gives us $48 price for the ultimate downward target for this sharp move down. but I expect the support to build up close to 50 dollar price range.
so the 49-53 area is a good area to scale into long positions.

This was about #WTI crude by the way. Not Brent.

I'll remember to tag the posts in future, sorry 😅

Xi to world health organization chief: "China is confident and capable to win the battle against coronavirus"

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The number of patients in China raise to 2761

the reported number of patients has already achieved exponential growth rates, so this seems like an attempt from China to cover up how bad the situation really is.
only a vaccine or a cure for it can shake the fear out of the financial markets

https://www.youtube.com/watch?v=zyWovtG_YaA&feature=share

Trump peace plan getting announced.

The plan's stated goals include creating more than a million jobs, more than doubling the Palestinian GDP, and cutting the poverty rate by 50%. It also aims to bring down the unemployment from 31% down to single digits, and to increase Palestinian exports as a percentage of GDP from 17% to 40%.

attacks exchanged between Houthi's in Yemen and Saudi Arabia.
Houthi's have claimed they've attacked Aramco again and an airport and some other targets inside Saudi Arabia.
I think these back and forth attacks and the Saudis wanting to control the price of oil with more cuts if push comes to shove, it might end up overpowering the fears of low demand for oil from china (And the world due to spread of coronavirus) even temporarily (a correction to 57.75)

for now, the 49-52 price range in #WTIcrude will remain a decent support area for bullish bias.

for the bearish bias, the 55-56 area is a decent supply zone if you have a bearish bias towards the future of oil prices.

The CME observer says:

The odds of a one-time cut in the Federal Reserve interest rate this year (In September) Again strengthened to 36.1%!

Tonight, the financial markets are looking for clues as to whether the Feds consistent purchases of US Treasury bonds will continue or not.

And, of course, they look forward to tonight's reaction from the FOMC Federal Reserve Committee to:

Corona virus spread in China and worldwide
The beginning of brexit
And the efficiency of the #phaseone of trade agreement with China

BREAKING: Footage of Tanker on fire off the coast of the Emirate if Sharjah, UAE has surfaced online.

#BREAKING
Initial reports of a crash landing of an IAF helicopter in Ma’ale Amos settlement in southern #WestBank
#Israel

When Xi Jinping sneezes in international conference
#coronavirus

(just a silly joke to lighten the WW3 mood 😅)

by the way, regardless of what happens with the middle east and coronavirus, I highly suggest investing in Bitcoins and Ethereum. I ran the numbers a couple of times and an investment at around $8K price in bitcoin can potentially give the investor something between %94 to %135 profit in less than 2 years!

just to be clear, this is an investment advice not trading advice. (meaning actually buying bitcoins and keeping in personal wallet, instead of going long in the market!)

Number of Coronavirus patients in China raised to 7158 cases!

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Peter Navarro (White House Business Advisor):
"Even if the spread of the Corona virus hurts China's economic growth, tariffs will remain in place!"

Asian markets crashing hard as the number of patients climbed to 7900 cases!

If you have a subscription on my signal service bot (@Linorth_bot) and your subscription has ran out, no need to worry about it. Since I havent shared enough signals your subscription will be renewed for free until I share my trade management guide and then I will add the inactive days to everyone's subscriotion and we continue it again.

the news from coronavirus patients from china will be announced soon. everyone expect a huge number.

fears of it affecting oil demand will be driving the price of oil down and probably we will see a gap down when market opens.
Saudis want to meet on Feb 4th and 5th to discuss further cuts as a mean to control the fall in the price. but we have to wait and see how much the market reacts to their decision IF they decide on more cuts, otherwise the selling power will increase and traders will short oil harder.

the chinese are limiting selling orders on their market to control the panic selling of people and they are effectively continuing the currency war efforts by injecting more cash into their markets.

everyone seem to be on damage control mode against the coronavirus effect!