2019-11-11 • Updated
Trade idea
SELL 55.70; TP1 53.00; TP2 50.50; SL 56.90
Oil is an asset that can move in one direction without significant corrections for a long time. Brent fell below 56.80 last week (50% Fibonacci retracement of the 2016-2018 advance; 200-week MA, 50-month MA). As you can see, a lot of important levels converge in this area. As a result, it will act as strong resistance. There’s a divergence in oscillators on D1, signaling that the commodity is oversold and may try to pull back up. However, a recovery towards 56.80 will likely attract more sellers. Downside target lies at 61.8% Fibo at 50.00.
Notice that to trade Brent you need to choose one of the following CFD charts:
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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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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