What are the forecasts for the oil market? Is there any hope of a recovery?
Bears keep playing with oil
2020-04-20 • Updated
Oil prices remain under pressure. After Brent has broken the consolidation range to the downside and fell below 30.00, it got some support ahead of 27.00. At the same time, the Awesome Oscillator on the D1 formed a negative “saucer” signal. As a result, the odds are that the price will revisit lower levels, such as 25.00 (support on March 19-23). On the H1, the Moving Averages are already in the negative order. On the H4, 100-period MA provides resistance at 28.90.
Trade idea for Brent oil
SELL 26.70; TP 25.20; SL 27.05
To trade Brent with FBS you need to choose BRN-20M in MT4.
The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
WTI oil has reached our previous targets. On the W1, a big bullish candlestick engulfed the previous bearish one.
The gold price is now at the crossroad. Will it revert and fall back into the downtrend or aim at the all-time highs?
Oil is edging higher due to the overall risk-on sentiment and a weaker US dollar. Jump in to get the tech tips!
We love triangles because they're easy to spot and predict possible price moves. Do we have any in the stock market?