The recovery of stock markets is lifting the oil price as investors are – at least for now – less scared by the coronavirus. The barrel is still playing on the key support level of $51, after having tested the psychological level of $50. Despite this, the short-term trend remains bearish and there will only be an inversion if the price can return above the area of $53.50-$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.
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© 2019 High Leverage FX - All Rights Reserved.