2019-11-11 • Updated
Trade idea
BUY 64.70; TP1 66.30; TP32 68.30; SL 64.30
It’s not confirmed yet, but there may be an exciting trading opportunity you wouldn’t like to miss. Brent oil looks much bullish than WTI. It’s currently testing levels above the 38.2% Fibo retracement of the 2018 decline in the 64.00 area. The trendline from 2016, which used to be a support, now acts as resistance at 64.50.
It’s necessary to wait for Brent to close the day/week above this level. If it happens, then the inverted “Head and Shoulders” will allow targeting a big leap up to 66.40, 68.40 and even 70.00. Such advance will be possible if the United States and China find a compromise in their trade dispute and risk sentiment soars.
Make sure though that you don't enter this trade prematurely as we need a confirmation (a close above resistance) to make sure that the breakout to the upside isn't false.
Notice that if you want to trade Brent, choose BRN-19J or BRN-19K in your MetaTrader (File - CFD Futures).
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.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
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