2019-11-11 • Updated
Trade idea
SELL at 60.50; TP1 59.20; TP2 58.40; SL 61.00.
The oil market is awaiting news from the OPEC meeting, and traders should expect an increase in volatility and sharp moves of the price.
The technical setup looks interesting. On W1, Brent met the resistance of 100-week MA in the 63.50 area. There’s also a Fibo level at 64.00 and the Ichimoku Cloud that weighs on the price. The odds are that oil will be tempted to close the gap.
On D1, moving averages are in the negative order and there are several candlesticks with big upper wicks. The price started correcting up, but the recovery looks unstable. A decline below 60.50 will be a trigger for selling. The positive scenario is possible only if oil rises above 63.10.
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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