Saudi Arabia and Russia, two of the world's largest oil producers, have decided to extend cuts to their oil production to support oil prices and boost income. This move comes despite weakened demand due to the sluggish economy.
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).
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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.
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