2019-11-11 • Updated
Trade ideas
SELL 60.80; TP 60.00; SL 61.00
BUY 61.90; TP 62.80; SL 61.70
Brent oil closed last week below the 100-week MA at 61.86 for the first time since 2018. On D1, the price formed a candlestick with a long upper wick - a sign that bulls didn’t manage to make it close at the day’s high.
There are two contrasting factors that influence oil right now. On the one hand, a tweet from the US President Donald Trump that he would impose a new tariff of 10% on the remaining $300 billion of goods and products coming from China pulls the price of the commodity down. On the other hand, geopolitical tensions in the Middle East make oil appreciate. So far, it seems that the first factor is more powerful. As a result, Brent is likely to test at least the 60.00/59.70 area (psychological level, support line, 61.8% Fibo of the 2018-2019 advance). A break below 59.00 will lead to a bigger decline with targets at 57.50 and 55.50.
The advance above 61.86 is needed to warrant an increase to 62.80 (50% Fibo) and 63.80 (50-day MA).
Notice that to trade Brent, you need to choose BRN-19V in your MetaTrader.
Saudi Arabia and Russia, two of the world's largest oil producers, have decided to extend cuts to their oil production to support oil prices and boost income. This move comes despite weakened demand due to the sluggish economy.
Oil prices fell to a three-month low following the release of US inflation data which was in line with expectations. The annual inflation rate of 6%...
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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