Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
Oil is at the key support
2019-11-11 • Updated
SELL 51.90; TP 50.70; SL 52.30
BUY 53.70; TP 55.00; SL 53.30
The past 3 weeks were very bad for oil as the price reacted negatively to global uncertainty. There all chances that the fundamental environment will stay this way. Technically WTI is testing levels below the 200-week MA at 53.50. This makes it vulnerable for the retest of June and August lows in the 50.60 area. At the same time, notice that the week isn’t up yet and oil is still flirting with 52.50 (the support line connecting the 2018 and 2019 lows). If the support holds, the return above 53.50 will give oil strength to recover at least to 55.00.
Notice that to trade WTI, you need to choose WTI-19Z in your MetaTrader.
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.