CRUDE OIL (WTI/USD) – Week 7 – Bulls not letting go.
Updated
WTI gained $1.23 to settle at $59.60 a barrel, rising the most from the beginning of the year. The sign of inventories declining in the U.S. and around the world point to the success that the OPEC+ has had in draining an oversupply left in the wake of a historic demand drop due to the COVID-19 pandemic.
We will cautiously monitor this pair as we still expect a deeper bearish consolidation that can drop the price towards our trendline.
We kindly recommend for this week that you concentrate on other instruments since we don’t have any confirmation that the bearish move will start.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
We will cautiously monitor this pair as we still expect a deeper bearish consolidation that can drop the price towards our trendline.
We kindly recommend for this week that you concentrate on other instruments since we don’t have any confirmation that the bearish move will start.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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