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!
WTI Oil close to make a rebound around $48
2019-11-11 • Updated
WTI Oil has been bearish across the board, but in an overall picture it’s still riding a bullish structure since mid-July. Currently, it’s poised to test the Fibonacci demand zone established between the 47.91 and 47.16 levels (50% - 65%), where it could gather bullish momentum to resume the bulls’ path and if that happens, the next key target is placed at the 51.58 level, according to the Fibonacci retracement plotted in the H1 chart.
RSI indicator is at the oversold territory, strengthening the idea of a short-term rebound.
Why brothers? If you put an oil chart on the S&P500 chart, you will find out that these assets have a strong correlation…
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!
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.