The general enthusiastic scenario is supportive of oil prices, which started the new week still in green. Markets are still in full risk-on mode with investors betting on a vaccine and with it, a relatively quick solution to the pandemic and this optimism is boosting oil. Sectors previously left behind such as energy, are now enjoying time in the limelight and this is pulling up the price of both WTI and Brent.
From a technical point of view, WTI is again facing resistance at $41.50. A clear breakout above this level could open space for a rebound to the peak of early September around $43.20-$43.50.
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.
© 2019 High Leverage FX - All Rights Reserved.
© 2019 High Leverage FX - All Rights Reserved.