Oil is at the key support

Oil is at the key support

2019-11-11 • Updated

Trade ideas

SELL 51.90; TP 50.70; SL 52.30

BUY 53.70; TP 55.00; SL 53.30

The past 3 weeks were very bad for oil as the price reacted negatively to global uncertainty. There all chances that the fundamental environment will stay this way. Technically WTI is testing levels below the 200-week MA at 53.50. This makes it vulnerable for the retest of June and August lows in the 50.60 area. At the same time, notice that the week isn’t up yet and oil is still flirting with 52.50 (the support line connecting the 2018 and 2019 lows). If the support holds, the return above 53.50 will give oil strength to recover at least to 55.00.  

Notice that to trade WTI, you need to choose WTI-19Z in your MetaTrader. 

WTI.png

Similar

Can oil reverse after OPEC+ meeting?
Can oil reverse after OPEC+ meeting?

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.

Key Moment for the Oil Market
Key Moment for the Oil Market

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%...

What awaits the Oil Market in February?
What awaits the Oil Market in February?

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.

Latest news

USD: Powell Speaks on Cutting Interest Rates
USD: Powell Speaks on Cutting Interest Rates

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 ...

WTT: Currency Pairs To Trade In April
WTT: Currency Pairs To Trade In April

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.

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera