dan4ielo

WTI - Swing trade as the economy opens up

Long
TVC:USOIL   CFDs on WTI Crude Oil
With the economy reopening the demand for crude oil is returning to its normal levels and this means we can expect to see a further rise in oil prices. However, with rumours going around that the storages for oil are more full and supply is too high it is unlikely that we will see a full restoration of previous prices. This said it is likely that we see a touch of the 61 percent retracement of the Fibonacci. With the oil war in the mids of things, a full recovery is very unthinkable and you should be managing this trade very closely.