WTI: impact of coronavirus
Updated
Hi Guys,
A nice double bottom at 49.31 and a prolonged divergence with RSI generated a pullback into the descending 100SMA (red).
Last Thursday WTI finally reacted to the divergence with RSI as investors focused on the possibility of deeper supply cuts from OPEC.
Is the worst over?
What are the scenarios? Will price continue to pullback slowly or with a V-Shape recovery? Or will it drop further because of the impact of coronavirus?
OPEC meeting is scheduled for March 5. In view of this I'd expect price to move on SMAs as it did back in October (violet circle).
Just for info please click & play the following idea on WTI posted on Feb 7 (a week ago):
Please add your comments and if you have any questions please do not hesitate to ask.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumtances.
A nice double bottom at 49.31 and a prolonged divergence with RSI generated a pullback into the descending 100SMA (red).
Last Thursday WTI finally reacted to the divergence with RSI as investors focused on the possibility of deeper supply cuts from OPEC.
Is the worst over?
What are the scenarios? Will price continue to pullback slowly or with a V-Shape recovery? Or will it drop further because of the impact of coronavirus?
OPEC meeting is scheduled for March 5. In view of this I'd expect price to move on SMAs as it did back in October (violet circle).
Just for info please click & play the following idea on WTI posted on Feb 7 (a week ago):
Please add your comments and if you have any questions please do not hesitate to ask.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumtances.
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file:///C:/Users/carmina/Downloads/OPEC_MOMR_February_2020.pdfNote
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