Oil is failing to find strength to continue the recovery seen in the final part of last week as fears of a slowdown in global economic growth are still weighing on the market. Investors are considering as real the risks of weaker demand, with the possibility of a productive surplus in the upcoming months, despite the OPEC cuts.
From a technical point of view, we could consider the recovery from $51 to $54 as a physiological rebound, while this move so far does not have yet the strength of a proper inversion.
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.