WTI met resistance

WTI met resistance

2019-11-11 • Updated

Trade idea

SELL 63.25; TP 62.30; SL 63.50

WTI oil formed a “shooting star” candlestick on W1 around 61.8% Fibonacci resistance of the October-December decline. On D1, a bearish candlestick with a bigger upper wick was formed on Friday. These things may signal correction to the downside as long as the price is below the weekly pivot at 63.87. The potential targets are at 62.30 (50-week MA) and 61.10 (200-day MA).

WTI 1504.png

oil

Similar

Bears keep playing with oil

Oil prices remain under pressure. After Brent has broken the consolidation range to the downside and fell below 30.00, it got some support ahead of 27.00.

Oil is testing support

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.

oil

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EUR/USD hits a new 3 month high

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