As a trader you should consider your own risk:reward ratio and do proper lot sizing according to your margin and leverage level.
Not every idea is a valid trade.
This analysis is a trading idea, not a trading signal for you.
My own trend direction estimation, entry point, stop loss and take profit levels are on the chart.
On Monday, Opec member Iran publicly called for measures to support oil prices as the coronavirus hit demand.
The statement came as so-called Opec+, which includes Russia, will reportedly discuss output cuts of between 500,000 and one million barrels a day at a meeting that is expected to take place this week.
Margaret Yang from CMC Markets said the market was expecting production to be cut by a 500,000 barrels a day, but added: "We won't rule out an even deeper cut should the situation worsen."