
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.
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.
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