Trade idea.
Given that Saudi Arabia came out with the statement that they managed to get most of its oil processing back to normal, the price of oil slid yesterday.
The technical picture on WTI says that the buyers are still holding onto their positions, given that the price is still balancing above the July 31st high. But if the price starts sliding further down and breaks again below the July 31st high, this could send the commodity a bit lower.
We will examine the upside again, if we see the price climbing above the 61.00 barrier.
Please see the chart for levels and targets.
Don't forget your stop-loss.
Given that Saudi Arabia came out with the statement that they managed to get most of its oil processing back to normal, the price of oil slid yesterday.
The technical picture on WTI says that the buyers are still holding onto their positions, given that the price is still balancing above the July 31st high. But if the price starts sliding further down and breaks again below the July 31st high, this could send the commodity a bit lower.
We will examine the upside again, if we see the price climbing above the 61.00 barrier.
Please see the chart for levels and targets.
Don't forget your stop-loss.
Note
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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.