Why brothers? If you put an oil chart on the S&P500 chart, you will find out that these assets have a strong correlation…
OIL price: bad for stability, good for profits
2020-11-18 • Dikemaskini
Looking at the hourly chart of the WTI oil price below, one may come to only one conclusion: the price of this asset is far from being stable. Well, for trading purposes, it’s rather good news. What are the prospects though?
The prospects are pretty much the same as what the headlines say most of the time: the virus hits new records around. For OPEC, and for the oil market in general, that means suspended demand recovery. Do you see that large shadow of the bearish candle over there extending down to $35? Well, don’t rub your eyes – it was a temporary but still a real dropdown in the trade. Nothing happened, just another “phantom” pain of the oil market. It’s really not that stable even with the price handing below $43. OPEC’s last meeting only highlight the plan to keep the production capacities subdued before the demand picks up enough to go on full gear. Therefore, watch your support probably more carefully than you do the resistance levels with oil.
Serupa
Saham apakah yang akan paling awal sekali menerbitkan laporan suku tahunannya? Jom kita tinjau dan bersiap sedia untuk saksikan gerakan di pasaran saham!
Baru-baru ini, emas telah mendaki melepasi paras harga $1750 menghampiri aras rintangan bulan Mei, di $1764.
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