WTI Oil - swing trade, buy on 4H - trade the up correction
Technical view
-market price near strong support (52$), supported by trend and fibonacci lines.
-MACD baselines are near bullish crossing which brings buyers into the market
-RSI bounced from support line and looks like start of bigger up movement
Fundamental view
Current market looks like the downward trend in oil prices has stopped. Saudi Arabia has committed to the Opec and its allies that they will cut the amount of supply for oil which provides a strong plus. The price of a barrel of the American West Texas Intermediate (WTI) rose by 93 cents to 54. 42 dollars. In recent days, Brent has fallen in price by around 14 percent due to investors fears of dwindling demand as a result of the customs dispute between the USA and China. A barrel of WTI was 18 percent more expensive on April 23.
-market price near strong support (52$), supported by trend and fibonacci lines.
-MACD baselines are near bullish crossing which brings buyers into the market
-RSI bounced from support line and looks like start of bigger up movement
Fundamental view
Current market looks like the downward trend in oil prices has stopped. Saudi Arabia has committed to the Opec and its allies that they will cut the amount of supply for oil which provides a strong plus. The price of a barrel of the American West Texas Intermediate (WTI) rose by 93 cents to 54. 42 dollars. In recent days, Brent has fallen in price by around 14 percent due to investors fears of dwindling demand as a result of the customs dispute between the USA and China. A barrel of WTI was 18 percent more expensive on April 23.
Trade closed: stop reached
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
