WTI OIL - update on 4H & how to trade - RR ratio --> 5
Updated
Dear traders and followers,
the oil price has open with a small down gap and started down movement. Price is testing currently the 40 - 40,20 $ resistance. On the 4 hour chart its very likely that the price break this resistance soon and moves to trend line and resistance at 40,80 $.
At this point we expect start of next down wave with target at 39 $ and triangle trend line.
Indicators:
MACD baselines move in same direction but the buy volume seems to start to grow again which is buy signal
RSI baselines started again up movement and connected with growing buy volume its a buy signal as well
Fundamental:
A alliance of producers led by the world's largest exporter, Saudi Arabia, is pushing OPEC to expand from August, the Wall Street Journal reported on the weekend. Important members wanted to discuss current and future oil production on Wednesday. In April, at the urging of Saudi Arabia, the 23-country group had cut its production by 9. 7 million barrels (each 159 litres) per day. This measure was a response to the unprecedented fall in prices caused by the Corona pandemic, which had led to a collapse in global demand for oil. Now Saudi Arabia and most members of the group wanted to revive the promotion. The Kingdom envisages an increase of 2 million barrels per day. Production would still be 7. 7 million barrels per day below the level in force before the April cut.
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the oil price has open with a small down gap and started down movement. Price is testing currently the 40 - 40,20 $ resistance. On the 4 hour chart its very likely that the price break this resistance soon and moves to trend line and resistance at 40,80 $.
At this point we expect start of next down wave with target at 39 $ and triangle trend line.
Indicators:
MACD baselines move in same direction but the buy volume seems to start to grow again which is buy signal
RSI baselines started again up movement and connected with growing buy volume its a buy signal as well
Fundamental:
A alliance of producers led by the world's largest exporter, Saudi Arabia, is pushing OPEC to expand from August, the Wall Street Journal reported on the weekend. Important members wanted to discuss current and future oil production on Wednesday. In April, at the urging of Saudi Arabia, the 23-country group had cut its production by 9. 7 million barrels (each 159 litres) per day. This measure was a response to the unprecedented fall in prices caused by the Corona pandemic, which had led to a collapse in global demand for oil. Now Saudi Arabia and most members of the group wanted to revive the promotion. The Kingdom envisages an increase of 2 million barrels per day. Production would still be 7. 7 million barrels per day below the level in force before the April cut.
Feel free to leave a comment or to share your ideas in the comments section
Please hit the like button if you share or like this idea.
Trade closed: target reached
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