Will oil price rebound lasts?
“Promising inventories data raised investor’s sentiment, “temporarily”.”
Oil prices stages a rebound from the downside as latest US inventories data shows a decline, sparking bulls to re-enter their position into the commodity. Latest report shows a significant drawdown as recent hurricane which ravage through Gulf of Mexico causes disruption in oil rig operations. Nonetheless, investors thread cautiously as they place emphasis on upcoming OPEC meeting that could potentially derail any efforts for recovery.
Quick recap on USDWTI
In an overview, the commodity continues to trade within a descending channel, showing strong emphasis of bears from the upside.
USDWTI Weekly Technical Analysis
From weekly perspective, the commodity is currently staging a rebound as it approaches support level of 76.10.
USDWTI Daily Technical Analysis
In terms of daily perspective, we could observe significantly diminished downward momentum from MACD. We may expect its price to rose further up in short-term.
Trading Idea
ORDER: SELL LIMIT
ENTRY: 83
STOP LOSS: 85
Target 1: 79
Target 2: 76
ZFX Analyst’s Comment
For the time being, we expect USDWTI to receive a short bull run before bears re-emerges from their slumber.
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Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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