No news is good news: this old motto describes the current situation on financial markets. Despite tragic figures coming from Covid-19, markets are set in a bullish limbo with the main environment firmly risk on. In this scenario, oil benchmarks are consolidating after the recent gains, which pulled up prices to their highest level since the coronavirus outbreak destroyed demand.
From a technical point of view, the main trend remains positive for both WTI and Brent. Focusing on WTI, we have seen a new bullish impulse in the last few hours, which has driven the price above $53 again, without managing to break through resistance at $53.30. There is now a clear support zone at $52.70, with the next significant support level at $51.50. A new positive signal will arrive if the price breaks through $53.90-$54.
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.