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.
How to trade WTI oil
2022-06-06 • Updated
WTI oil has reached our previous targets. On the W1, a big bullish candlestick engulfed the previous bearish one. If the price rises above 52.35, it will likely push up to 53.00 (23.6% Fibonacci retracement of the 2020 decline). The Awesome Oscillator on the D1 is bullish. On the H4, the price has managed to overcome the 100-period MA. As long as it’s trading above this line in the 51.80 area, the short-term uptrend will remain in place. Below 51.70, the price will be vulnerable for a correction to the 50.90 area.
Trade ideas for WTI oil
BUY 52.00; TP 53.00; SL 51.75
SELL 51.70; TP 50.95; SL 51.85
To trade WTI with FBS you need to choose WTI-20H in MT4.
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