WTI/USD
Oil prices lost their gains earlier this week after a new strain of Covid-19 is threatening the global demand recovery. Fears of new lockdowns around the world can have a negative impact on fossil fuels and may push the Oil price down. From a technical perspective, we can see the price breaking the previous top for a potential “stop hunt” in order to trap in some “buyers”, before starting a correction to the downside. If the price breaks the lower line of the parallel channel there would be a good chance that we will be heading into the 40$ territory.
Trade safe & a Happy New Year!
Best regards,
Financial Flagship
Disclaimer: The analysis provided is just informal and it should not be used as financial advice. Remember that you need a plan before you start trading; so take this as your guide that will ultimately help you understand the market and easily predict your next move.
Oil prices lost their gains earlier this week after a new strain of Covid-19 is threatening the global demand recovery. Fears of new lockdowns around the world can have a negative impact on fossil fuels and may push the Oil price down. From a technical perspective, we can see the price breaking the previous top for a potential “stop hunt” in order to trap in some “buyers”, before starting a correction to the downside. If the price breaks the lower line of the parallel channel there would be a good chance that we will be heading into the 40$ territory.
Trade safe & a Happy New Year!
Best regards,
Financial Flagship
Disclaimer: The analysis provided is just informal and it should not be used as financial advice. Remember that you need a plan before you start trading; so take this as your guide that will ultimately help you understand the market and easily predict your next move.
Trade closed manually
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.