What are the forecasts for the oil market? Is there any hope of a recovery?
WTI met resistance
2019-11-11 • Updated
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).
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.
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.
World shares paused on Monday to assess a record-breaking month
Looking ahead, highlights from macroeconomic calendar include regional and national German CPIs, US Chicago PMI, OPEC meeting, ECB's Lagarde and BoE's Tenreyro speeches.
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