Oil is at the key support

Oil is at the key support

Trade ideas

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. 

WTI.png

Similar

How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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