Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
Oil (WTI) favored by the bears
2019-11-11 • Updated
Oil (WTI) didn’t achieve to consolidate its gains above the 200 SMA at H1 chart and around that area, it found dynamic resistance; a move that was confirmed with a double top pattern. The Fibonacci area of 50% and 65% has been providing the enough supply to make a sell-off in the crude and it’s now heading to lower levels.
If the crude oil manages to break below August 17th lows, we can expect further weakness towards -23.6% at 45.57. RSI indicator remains in the negative territory, favoring to the bears.
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Besides US Retail Sales data, Australian Unemployment Rate and New Zealand GDP this week will bring us Quadruple Witching – one of the four most important days of a year for futures and options!
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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...