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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.
2020-02-24 • Updated
The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus. The spread of the disease may affect the commodity as the demand for it may decline because of the travelling bans. The decline below the support at 51.55 will mean that bulls are too weak to close the gap. Targets on the downside will lie at 50.90 and 50.00.
SELL 51.50; TP1 50.90; TP2 50.10; SL 51.75
To trade WTI with FBS you need to choose WTI-20J in MT4.
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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Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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