The return of the risk-on scenario has lifted oil with the price also strongly supported by a surprising draw on inventories announced by the EIA yesterday. The price rebounded just before reaching the support level at $51.50 and could now target the resistance level at $54.80-$55.
From a technical point of view, it is now crucial to understand the strength of the current movement: investors are still concerned by the Chinese coronavirus and trying to correctly price the impact that this pandemic virus could have on the long-term demand. Despite this, there is again growing interest in black gold.
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.