2019-11-11 • Updated
Trade ideas
BUY 57.60; TP 58.60; SL 57.40
SELL 56.50; TP 55.80; SL 56.70
Oil prices rose on Thursday, June 20, as the US President Donald Trump criticized Iran’s attack on a US surveillance drone, saying that Tehran made a “very big mistake.” In addition, there was a larger-than-expected decline in US crude inventories.
WTI oil retraced 50% Fibonacci of the May-June decline and got to 57.25. If the price overcomes this level, it will be able to get to 61.8% Fibo and 100-day MA at 58.60. This level will represent a more serious obstacle for buyers. Notice that on H4 there’s the 200-period MA at 57.55 - it would be sensible to buy WTI on the break above it. The decline below 56.60 will open the way down to 55.62.
Notice that to trade WTI, you need to choose WTI-19N in your MetaTrader.
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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