In fact, in the US, the third case was confirmed and this is probably going to impact the markets. But obviously there is fear of coronavirus epidemic not only in China, but even in other parts of the world. The virus scare is certainly not helping but the market had already weakened prior to the emergence of the virus. Those buildups in inventories are probably going to subside and the other factor was when oil popped over $62-63 level after the Iran-US faceoff, that certainly gave oil prices a boost. But then when that subsided, we saw oil prices fall and they got technically weak and for the moment, oil is in a technical downward spiral.The question is do we break last year’s 52-week lows?

Source: Economic Times January 27, 2020 04:59 UTC