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 may correct down
2019-11-11 • Updated
On W1, Brent oil formed a bearish candlestick with a long upper shadow. All things equal, it will be difficult for bulls to keep pushing higher immediately after such a pattern. In addition, the price failed to close above the 61.8% Fibo retracement of the 2018 decline at 72.80. In this area, there’s also the weekly pivot point. As long as the price stays below this level, it’s vulnerable for a bearish correction.
Notice that if you want to trade Brent, choose BRN-19M in your MetaTrader (File - CFD Futures).
Here’s a trade idea adjusted for the chart of the June futures contract:
SELL 71.50; TP 70.30; SL 71.90
After closing our short positions on Brent Crude which fell from around 76.60’s all the way down to 67.50.
Crude Oil dropped sharply last week right from our selling zone mentioned in our weekly video between 75.50 and 76.60, Brent Crude declined to 72.20’s nearing our 72.14 target mentioned in our weekly video as well.
The stock market has reversed, and now it’s going lower and lower…
Walmart is one of the biggest retail corporations in the US, with $244 billion in total assets. Does it worth buying amid rising prices and supply concerns that shatter the world economy?
Japan's inflation is set to reach 2% in April's reading, for the first time since 2015. But what about the weaker Yen?!