Oil started the trading session with very little volatility, as investors are awaiting US data on crude oil inventories.
From a technical point of view, the main trend remains weak, as the price was not able to rebound above resistances placed at $53.70 and $55. The optimism seen on Brexit was not enough to sustain the price, while fears of an economic slowdown and potential trade war damage remain key concerns. For WTI there is a first support level at $52.50, while the area $51.50 represent a key support level. The first positive signal will arrive only with a solid recovery to $55.
Chief analyst at ActivTrades and technical analyst for Italian newspaper 'La Stampa'. Carlo Alberto provides regular commentary for UK outlets including the BBC, Telegraph, the Independent Bloomberg & Reuters. He is also a weekly commentator for CNBC Italy and a columnist for La Stampa. He worked for Bloomberg as their Equity Research Fundamental Analyst before joining brokerage ActivTrades in 2011 to specialize in currency markets and commodities. In 2014 he published a 250-pages book on gold and the gold market, followed in 2018 by a new updated edition.
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© 2019 High Leverage FX - All Rights Reserved.