Bottom line: WTI Crude structure remains bullish against 19.25 lows, but a corrective drop could see prices dropping lower towards 23.00 levels before rallying further.
Fundamental Outlook:
Oil prices will be taking cues from the OPEC meeting to be held on April 09, 2020. If a unanimous consensus is not derived over the much awaited meeting crude prices might drop in the next few trading sessions. Last week, Crude Oil prices had soared by over 30-40% over the optimism on Russia-Saudi Arabia trade war coming to an end.
The weeks focus continues to remain in the COVID-19 pandemic and the record Jobless claims over the last 2 weeks in the U.S. The total number of infected cased increased further in the U.S, as it tops the list at 367,629, with over 625 new cases added. The Euro zone also awaits a decision to be taken over the Corona Bond this week.
Technical Analysis:
WTI Crude seems to have completed an impulse rally between 19.25 and 28.50 levels, over the last week. Prices are expected to produce a corrective drop over the week, before bulls can resume towards higher levels, going forward.
An ideal corrective drop could be towards the fibonacci 0.618 retracement, around 23.00 levels. A bullish reversal from the above levels would push prices towards the 35.00 and 39.00 mark, going forward.
Most traders might be willing to initiate fresh long positions towards 22.00/23.00 levels with protective stop below 19.00 and projected targets as 35.00 and higher respectively. Only a drop below 19.00 would nullify the above bullish structure.
Overall, WTI Crude remains bullish until prices stay above 19.25 potential support. Please note, even if prices drop below 19.25, it would be shallow and better to avoid getting into a bear trap.
Prepared by
Harsh Japee, Technical Analyst.
WTI Crude Chart
MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!
Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.
Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.
MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！
免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。
