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Oil
romanodc

Member Since Oct 06, 2019  1 posts CManny (romanodc) Oct 06 at 20:05
Does anyone have insights about the price of oil? I found this to be profitable this month by selling when it goes up.

alexforex007

Member Since Oct 11, 2013  761 posts alexforex007 Oct 08 at 01:14 (edited Oct 08 at 01:15 )
On the WTI oil we can see that the price has broken below the 54.00 level, but it retraces to that same leve which acts as resistance. If the price bounces back down from the 54.00 level, then it could form a breakout-pullback pattern and the price could fall to the 50.50 zone. Below the 50.50 level, its next support could be the 49.00 level.
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itradeandwin

Member Since Feb 08, 2018  32 posts Mark (itradeandwin) Oct 08 at 07:39
WTI is weak both fundamentally and technically.

Global demand is low and getting lower. Both IEA, WTO even OPEC lower their Global Oil Demand forecast.

Throwbacks are selling opportunities.

Near Term potential selling opportunities are shown in the chart.



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jamesgwyther

Member Since Aug 05, 2017  262 posts jamesgwyther Oct 09 at 09:26
Never traded oil.

alexforex007

Member Since Oct 11, 2013  761 posts alexforex007 Nov 06 at 00:32
Oil could be very difficult to trade due to its geopolitical exposure and it may not respect the technical levels. WTI oil tries to break above the 57.00 level, but is loses some steam.

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