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.
WTI oil may push higher
2019-11-11 • Updated
Trade idea
BUY 58.40; TP 59.60; SL 58.00
It looks like there’s a nice trade setup in WTI oil. The price rebounded from the 100-day MA in the 54.50 area last week and managed to push and close above 58.00 yesterday. Currently, the commodity is testing the 100-week MA at 58.35. A break of this level will open the way up to 59.60 (channel’s resistance, 50% Fibo of the 2018 decline). The longer-term picture is positive and the 50-day MA is about to rise above the 100-day one, so the buy trade has its solid logical foundations.
Notice that if you want to trade WTI, choose WTI-19J or WTI-19K in your MetaTrader (File - CFD Futures).
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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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