Last week, the US Oil extended its gains into a fresh yearly high after a reduction in US Crude inventories combined with the approval of the larger US Fiscal Stimulus package. We will cautiously monitor the price action as we still expect a deeper bearish consolidation to start anytime despite the fact that we witnessed a strong bullish move. We kindly recommend for this week that you concentrate your focus on other instruments since nothing is clear at the moment. Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.