2019-11-11 • Updated
Recommendation: BUY 51.5 SL 50.5 TP1 52.8 TP2 53.9.
On the daily chart of Brent futures, "bulls" failed to overcome resistance at $54.42 per barrel. As a result, we got a rollback and formation of the short-term downward trading channel. There is a room for a decline towards $48 (the intersection of two trading channels + 61.8% of the last long-term "bullish" wave). At the same time, the odds for rebound from the $50-51.5 convergence area are quite high.
On the hourly chart of Brent oil futures, the quotes reached the support area of $50.66-51.08. At the beginning of the second decade of May, here was an accumulation of speculative longs and formation of 113% target of the "Shark" pattern. This allows bulls to recoup their losses.
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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