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.
Brent oil: trading in range
2019-11-11 • Updated
Trade idea
SELL 60.30; TP1 59.65; TP2 58.30; SL 60.60
Brent oil has been trading sideways in the 62.00/58.00 area since the beginning of August. The price is currently at the upper Bollinger band and formed a candlestick with a long upper wick on the H4. In addition, the Stochastic Oscillator has crossed the signal line to the downside. Finally, the price is near the downtrend resistance line from April highs and the 50-day MA in the 62.00/61.80 area. All of it points at the likely correction to the middle and possibly to the lower border of the mentioned range.
Notice that to trade Brent, you need to choose BRN-19V in your MetaTrader.
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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.
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